Page 30 - Southern Exposure - December '23
P. 30

Page 30, Southern Exposure



                                                              FinanCiaL FoCUs                   ®




                 Can You Make Charitable Giving Less “Taxing”?



                                                                        By Sally Sima Stahl


        Once again, it’s the season                       Establishing a donor-advised fund and making qualified   and Washington, D.C., through Edward D. Jones & Co., L.P.,
      of generosity. In addition to                     charitable distributions are significant moves, so you’ll   and in California, New Mexico and Massachusetts through
      considering gifts for your                        need to consult with your tax advisor first. But if they’re   Edward Jones Insurance Agency of California, L.L.C.;
      loved ones, you might want                        appropriate for your situation, they may help you expand   Edward Jones Insurance Agency of New Mexico, L.L.C.; and
      to think about charitable gifts                   your ability to support the charitable groups whose work you   Edward Jones Insurance Agency of Massachusetts, L.L.C.
      as well. But what should you                      admire.                                              Edward Jones, its employees and financial advisors cannot
      know before making gifts to                         This article was written by Edward Jones for use by   provide tax advice. You should consult your qualified tax
      charities? And what impact                        your local Edward Jones Financial Advisor, Edward Jones,   advisor regarding your situation.
      might these gifts have on your                    Member SIPC.                                         Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
      financial and tax situation?                        Edward Jones is a licensed insurance producer in all states   1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
        First, you may want to
      create a gift budget by deciding
      just how much you will give to charitable organizations over   Experience Dentistry with a Woman’s Touch
      the rest of the year.
        Next, look closely at the groups to whom you wish to
      contribute. You can find many reputable charities, but some
      others may be less worthy of your support. One of the red flags   Cosmetic & Comprehensive Restorative Dentistry
      of a questionable organization is the amount of money it spends
      on administrative costs versus the amount that goes to its stated       State of the Art & Same Day Restorations
      purpose. You can check on the spending patterns of charitable
      groups, and find other valuable information about them, on the         Nitrous Oxide/Oxygen Sedation Available
      well-regarded Charity Navigator website (charitynavigator.org).
        Once you’ve established a gift budget and are comfortable
      with the groups you choose to support, you might turn your      Joanne Green, D.D.S.
      thoughts to another key issue connected with charitable giving:
      tax benefits. A few years ago, changes in the tax laws resulted in a   10887 N. Military Trail, Suite 6
      large increase in the standard deduction, which meant that many      Palm Beach Gardens, FL 33410
      taxpayers found it more favorable not to itemize – and lost the
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      your charitable gifts or contributions to tax-exempt groups –
      those that qualify as 501(c)(3) organizations – can generally   Medical College of Virginia School of Dentistry - Cum Laude
      be deducted, up to 60 percent of your adjusted gross income,   Hospital of the University of Penn - General Practice Residency Training
      although lower limits may apply, depending on the nature of            Harvard Dental School - Former Instructor
      your gift and the organization to which you’re contributing.     Boston Brigham and Women’s Dental Group - Staff Dentist
        Other, more long-term avenues also exist that combine
      charitable giving with potential tax benefits. One such possibility
      is a donor-advised fund, which allows you to make an irrevocable
      charitable contribution and receive an immediate tax deduction.
      You can give cash, but if you donate appreciated assets, such as
      stocks, your tax deduction would be the fair market value of the
      assets, up to 30 percent of your adjusted gross income. Plus, you
      would not incur the capital gains tax that would otherwise be due
      upon the sale of these assets. Once you establish a donor-advised
      fund, you have the flexibility to make charitable gifts over time,
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