Charitable Contributions to Lower Your Taxable Income

Making charitable contributions or gifts before year-end is a common way to reduce taxable income.  Here is an option you may wish to consider:

Donating shares of stock. If you have individual shares of stock with a low-cost basis, meaning they would incur high taxes if you were to sell them, consider donating them to a tax-free entity instead of donating cash.  The value to be claimed for the donation would be calculated on the current value of shares.  This is sometimes a good option in cases where you do not know the cost basis of the shares, because if it cannot be obtained, the IRS defaults cash basis to zero.  (Please note that we can assist you with such donations, but these need to be completed before the middle of December.)