Year end is a time many of us review our finances and tax-planning strategies. Whether or not you itemize deductions on your annual tax return, there are lots of options available to increase the impact of your ministry investments and significantly reduce your taxes.
By giving non-cash assets as gifts to Joy El, like stock, real estate, and other non-cash assets you are able to increase the net ministry investment and usually capture a higher rate of tax savings.
If you are 70 ½ or older, you can give to Joy El directly from your IRA instead of taking distributions and then making a contribution. Giving directly from your IRA can provide you with significant tax benefits.
If you need to make a large-scale charitable investment by December 31 but would like additional time to decide how to disburse the donations, you can place cash and non-cash assets into a single fund, known as a Donor Advised Fund (DAF), by Dec. 31 and recommend grants to Joy El at future times. Your assets placed in the fund may also grow in value and further increase your ministry investment.
Joy El has partnered with Barnabas Foundation to wisely steward the ministry investments from generous supporters like you. The professional legal services of Barnabas Foundation are available to you at no cost.
To learn more about smart and powerful giving options and get connected with Barnabas Foundation, please call David at 717-369-4539 or email him at [email protected]