Decrease your 2004 taxes
Donating cash |
Make a gift of stock
Donating an old cash value life insurance
policy
Real Estate
Your year-end tax return may show some
room for charitable donations. Holding on to appreciated
stock, unused life insurance, real estate, and even
cash can cost you a pretty penny when it comes time
to file your taxes. Any Baby Can has solutions that
will not only decrease your 2004 taxes, but will enable
us to perform our daily miracles of helping children
in need. Through effective year-end tax planning, there
are several ways to give of yourself, while lowering
your taxes. When considering any of these types of donations,
it’s best to consult with an advisor – your
accountant, investment advisor or tax consultant.
If you have any questions call or email Brandon Johnson
(brandonj@abcaus.org
- 334-4432)
Donating cash
Donating cash is the easiest way to give
a gift to Any Baby Can and acquire a deduction on your
2004 taxes. Employers often match donations, thereby
doubling the amount Any Baby Can receives. To ensure
that your donation is eligible for an entry on your
itemized return, make sure that the envelope with the
contribution is postmarked by December 31, 2004.
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Make a gift of stock
Make a gift of stock to gain a valuable
deduction on your taxes. Gifts of appreciated stock
offer the donor a tax deduction based on the market
value of the stock on the date the stock is donated,
regardless of the price actually paid for the stock,
while avoiding the capital gains tax on the appreciation.
If you have owned the stock for over a year and make
your donation before December 31, 2004, you may be eligible
for deductions of up to 30% of your adjusted gross income.
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Donating an old cash value
life insurance policy
Donating an old cash value life insurance
policy is yet another way to help a child while reducing
your 2004 taxes. Perhaps you are at a station in life
where you can be considered self-insured. These old
policies with substantial cash value would be an excellent
way to donate painlessly to a charity. Simply assign
Any Baby Can as both the owner and beneficiary of the
policy to receive your deduction.
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Real Estate
Various types of real estate can appreciate
over time and thus cause room for capital gains tax.
You can even donate a vacation home and continue using
it for yourself.
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