Five Ways to Make a Year-end Gift to FINCA
The holiday season is here, and the warm spirit of generosity and giving is in full swing. This is the best time of year to make a meaningful impact on a cause that matters. When reflecting on financial gains over the year, consider making a year-end gift to charity to help others in need and to maximize on tax benefits.
Making a year-end donation to FINCA can make a big difference in lifting people out of poverty. Some planned gifts can have an immediate effect on communities that we reach. Other gifts can provide future financial resources and services to families benefiting from FINCA’s work. Donations to FINCA are used to empower our global network of social entrepreneurs in El Salvador, Haiti, Uganda, and other countries.
This year has been particularly difficult because of the growing threat of food insecurity for so many in sub-Saharan Africa. There is an urgent need to help them cope. Making a year-end gift will support FINCA’s efforts to alleviate poverty in these underserved markets.
Here are five tax-advantageous ways you can make a year-end gift to FINCA:
1) Make a Stock Gift
A stock or bond gift is an easy way to avoid capital gains tax on appreciated assets. There is also the benefit of a charitable tax deduction of the market value of the gift.
2) Make a Year-end Gift from an IRA
If you are over the age of 70½ you are eligible to donate up to $100,000 annually directly from your individual retirement account to FINCA. Your donation lowers your adjusted gross income which can put you in a lower income bracket and reduce your taxes.
3) Leave a Charitable Bequest
When you leave a bequest to FINCA you receive an estate tax charitable deduction. It can reduce some tax burdens on your family and you can use your assets during your lifetime. You can also designate FINCA as a beneficiary of a retirement account or a life insurance policy.
4) Donate Cryptocurrency
By donating cryptocurrency to FINCA, you can avoid paying capital gains tax on appreciated assets. We accept over 20 cryptocurrencies. Your year-end gift in the form of cryptocurrency can lower your taxes and support FINCA’s mission to provide basic services for people in over 40 countries.
5) Direct Gifts from your Donor Advised Fund
The money in your donor advised fund (DAF) actually does not impact anything until it is donated. You can direct your DAF custodian to support FINCA. This way you can contribute to our work providing access to clean energy, supporting social entrepreneurs, and empowering women. You can also set up sustained monthly DAF contributions as a way of making a year-end gift to FINCA.
There is no better time to reflect on how to support causes you care about. This is your chance to make a year-end gift and gain tax benefits. At FINCA, our team is ready to help you decide which way of giving works best for you. Please contact us if you have any questions or would like to discuss giving options that suit you.