 | Stephanie Webb, for more information about Host Homes, or if you would like to become a Host Home provider, please contact Stephanie Webb, Community Relations Manager at Mosaic, either by email, Stephanie.Webb@Mosaicinfo.org or phone, 620-231-5590. Visit us online at; mosaicinsoutheastkansas.org.
|
Community Events
2012-01-30 12:52:28
What can I do to lower my tax burden?
A: One great way to lower your tax burden is to give to qualified charities. There are many different ways to give, most of which will have a beneficial effect on your taxes. Popular gifts that offer you a variety of tax and other benefits include:
Direct Gifts
Gifts made to a qualified charitable organization are tax-deductible if you itemize your return. Not every organization that seeks gifts is a qualified charity, so if you’re seeking to use the gift as a tax deduction, make certain that the organization qualifies. (Interestingly, donations to certain government areas can be tax-deductible)!
Charitable Gift Annuity
An irrevocable agreement between you and the charity that provides you with a guaranteed annual payment for the rest of your life. There is often an immediate and long-term tax benefit to charitable gift annuities.
Charitable Remainder Trust
A trust arrangement between you and a trustee that pays you an income for life or a term of years. At the end of the trust term, the remaining assets are distributed to the charity.
Life Insurance
A creative, yet easy, way to make a significant impact through a new or existing policy. The cash value of the policy and premium payments are tax deductible.
IRA/Retirement Plan
Qualified retirement accounts are an ideal asset to leave to a charity since they bear income taxes if left to an individual.
There are many other kinds of planned gifts, so it is wise to work with a professional to determine which options are the most effective for you.
