While Springs Rescue Mission recommends becoming a monthly Good Samaritan Sponsor — the most effective way to support operations — we want to make it as convenient as possible for you to help our neighbors in need. If you don’t feel comfortable making a traditional contribution, please consider one of these creative ways to spark hope in the hearts of men and women experiencing homelessness, hunger and addiction this holiday season.
The holiday season is the busiest time of year for charitable giving. In fact, Springs Rescue Mission receives the majority of its annual gifts between Thanksgiving and New Year’s.
But did you know that there are more ways than one to accomplish the goal of supporting local nonprofits like SRM?
We get a lot of questions about other ways to donate, so here’s a quick rundown of the top five alternative ways to give:
1. Stock Gifts
If you own stock in publicly traded organizations or commodities, you likely know that any appreciation is subject to the capital gains tax. But if you donate those holdings to Springs Rescue Mission, you’ll receive a charitable income tax deduction equal to its fair market value and avoid those taxes altogether! That means you receive the benefit without having to sell it, and the Mission can sell it without paying those pesky capital gains taxes. It’s a creative way to donate that could very well maximize your charitable giving — and help your bottom line.
2. Qualified Charitable Distributions (IRA gifts)
Chances are that you own and contribute to an IRA retirement account. If so, consider a Qualified Charitable Distribution! This way, individuals over 70 (and a half) can give as much as $100,000 annually to Springs Rescue Mission directly from their IRA and count it toward their Required Minimum Distribution
3. Estate Gifts
Giving to Springs Rescue Mission through a will or living trust ensures you’ll help neighbors in need for years to come. Estate gifts are also beneficial for tax purposes, as there is no limit to the amount of federal estate charitable deductions that may result.
4. Enterprise Zone Contributions
When you make a certified contribution to Springs Rescue Mission under its Enterprise Zone Contribution Project, you can claim up to 25 percent of that donation as an income tax credit.
5. Bonus Round: the CARES Act (Universal Charitable Deduction)
As a result of the 2020 federal stimulus package, you’ll receive a $300 tax break on top of your standard deduction when you give $300 to Springs Rescue Mission.
*These are merely suggestions and do not constitute financial advice. If you’re interested in any of the above ways to give to Springs Rescue Mission, please speak with a financial or tax advisor.
This story was featured in our November newsletter.
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