Support ASRM with a charitable gift and receive tax benefits
Gifts of stocks or securitiesWhen you donate appreciated securities or mutual funds you have held more than one year to ASRM, you can reduce or even eliminate federal capital gains taxes on the transfer. You also may be entitled to a federal income tax charitable deduction based on the fair market value of the securities at the time of the transfer.
Making a gift of securities offers you the chance to support the mission of ASRM while realizing important benefits for yourself. Contact Brynne MacCann in the ASRM development office to learn more and for information on how to transfer a gift of stock.*
*We advise you to consult your broker or tax advisor.
How You Benefit:
- Avoid paying capital gains tax.
- Receive a charitable income tax deduction.
- Play a role in furthering ASRM’s mission!
Other Ways to Support the ASRM Mission that will benefit you at the end of the year
Tax incentives extended for 2021A couple of key provisions of the CARES (Coronavirus Aid, Relief, and Economic Security) Act were extended into the new year (and, in one case, increased). Here’s what the new stimulus package means for you in 2021.
An expansion of the universal charitable deduction for cash giftsThe universal charitable deduction has not only been extended but given a well-deserved upgrade. The new deduction is $300 for single filers and $600 for married couples filing jointly. This is available to taxpayers who take the standard deduction. This tax incentive is available for cash gifts to qualified charities (but not to supporting organizations or donor advised funds).
An extension of the cap on deductions for cash contributions
Contributions to public charities are generally limited to a percentage of a taxpayer’s adjusted gross income (AGI). The CARES Act lifted the cap on annual contributions for those who itemize, increasing it from 60% to 100% of AGI for 2020 (and now for 2021). Any excess contributions available can be carried over to the next five years. (For corporations, the law raised the annual limit from 10% to 25% of taxable income.)
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