With the introduction of tax reform this year, you may be looking at your finances and wondering how you can continue to be charitable. There are many ways you can make a difference by giving to The Alaska Community Foundation while enjoying financial benefits for yourself.
Here are some smart ways to give in 2018:
- Donate appreciated stock: With the stock market at or near all-time highs, give your appreciated stocks to the fund of your choice at The Alaska Community Foundation, including your donor advised fund, and avoid capital gains tax.
- Name The Alaska Community Foundation as a beneficiary of retirement plan assets: These assets remain taxable when distributed to a loved one but are tax-free when given to a nonprofit. You can choose which nonprofits or causes will benefit from your gift.
- Give from your IRA (if age 70½ or older): Regardless of whether you itemize your taxes, this gift helps you fulfill your required minimum distribution and is not considered taxable income. Any amount processed as a qualified charitable distribution counts toward your required minimum distribution requirement and reduces the taxable amount of your IRA distribution. This lowers both your adjusted gross income and taxable income, resulting in a lower overall tax liability.
- Gifts of real estate: Appreciated real estate may be subject to capital gains tax unless donated to charity or transferred to a charitable trust.
- Bunch gifts to your donor advised fund: By giving more every other year to a donor advised fund, you may deduct your charitable donations in the years in which you give while still receiving the flexibility of recommending grants annually to your favorite charitable organizations.
- Continue giving to the causes or communities you care about with cash and credit card gifts: The easiest way to make a difference is to give a donation securely online at https://alaskacf.org/funds, where you can choose your favorite cause, nonprofit or Community Foundation Affiliate to benefit. All amounts help strengthen Alaska’s nonprofits and communities.
Talk With Your Tax Professional
Please consult with your tax or financial advisors to determine the best charitable giving strategies for you.
We Can Help
Please contact an Alaska Community Foundation staff member at 907-334-6700 to discuss how your gift can help support communities, nonprofits, and the causes you care about.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.