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August 5, 2014
This is a great time to review your income tax deductions and make changes or additions before the New Year. Don't pay more in taxes than you have to pay. If you want to reduce your taxes, here are a few last-minute ideas to help you.
For something easy but with many benefits, fund a charitable gift annuity. It gives you an income tax deduction this year and provides a reliable stream of payments to you for life. The rates are fixed and are as high as 9%. If you fund it by transferring an appreciated asset like stock, you can also receive capital gains tax benefits.
If you own stock that has grown so much in value that you hesitate to sell it because of the capital gains tax, then a charitable remainder trust might be what you need. By transferring your stock to a charitable remainder trust, you will receive an income tax deduction this year and avoid capital gains tax. During the life of the trust, the trust makes payments to you at a rate you choose. The remainder goes to help our mission. Ask us how a charitable remainder trust can be customized to meet your needs and goals.
Finally, simply consider making a special gift to help further our mission. As long as it is made before the year ends, you will reduce your taxes this year. While an outright gift may not provide cash back to you, you can end the year knowing you have made a difference—and receive an income tax deduction.
Whether you like the idea of cash back from a gift annuity or remainder trust or the simplicity of a year-end gift of cash or property, it is not too late to help yourself while giving to others. Call, click or e-mail us so we can help you.For more details on these options or to learn of even more tax-saving opportunities, be sure to visit our website today or contactAllison Hinesat 970.407.7013.
Copyright 2015 United Way of Larimer County