The Advent and Christmas seasons naturally lead us to think of sacrificial giving, but there are other reasons that December is the season of giving. Many parishioners know that charitable giving before the end of the calendar year, December 31, can help reduce their tax burden.
But this year—with the Coronavirus Aid, Relief, and Economic Security (CARES) Act in place and our BOLD FUTURE Campaign underway—you may find additional reasons to give in the next two weeks!
- The CARES Act permits a $300 “above-the-line” deduction for gifts of cash by those who do not itemize and claims the standard deduction. (The gift may not go to a donor-advised fund or supporting organization.)
- CARES also increases the deduction limit for cash gifts to charity to 100% of adjusted gross income. (Again, donor-advised funds and supporting organizations are excluded.)
For those who own stocks, mutual funds or other securities that appreciate in value, you may get more bang for your buck to donate those securities as a gift in-kind.
- A gift of appreciated securities that have been held longer than one year makes you eligible for an immediate income tax deduction based on the asset’s fair market value on the date of the gift.
- Additionally, by donating appreciated securities you avoid paying capital gains tax on the appreciation in value of the donated shares.
Donating securities in-kind is typically a very simple transaction, done electronically, with a few simple instructions. Please contact Dave Ferry, parish business administrator, at [email protected] or 612-470-0374 if you are interested in learning more.
If you have yet to make a three-year pledge —or a gift of any size—to the campaign, please consider doing so as soon as you are able. And please, pray for our parish and school as we seek to bring Jesus into the world today. Have a very merry Christmas! #StMCCBold