Page 14 - Talk of Tequesta - December '23

Page 14, The Talk Of Tequesta

finanCial foCus ®

Can You Make Charitable Giving Less “Taxing”?

By Sally Sima Stahl

Once again, it’s the changes in the tax laws resulted in a large increase in the are counted as taxable income. But by taking what’s
season of generosity. In standard deduction, which meant that many taxpayers called a qualified charitable distribution (QCD), you can
addition to considering found it more favorable not to itemize – and lost the ability move money from a traditional or Roth IRA to a qualified
gifts for your loved ones, to take charitable deductions. But if you still do itemize, charitable organization, possibly satisfying your RMD,
you might want to think your charitable gifts or contributions to tax-exempt groups which then may be excluded from your taxable income. You
about charitable gifts as – those that qualify as 501(c)(3) organizations – can must start taking RMDs at 73 but you can begin making
well. But what should you generally be deducted, up to 60 percent of your adjusted QCDs of up to $100,000 per year as early as age 70½. (This
know before making gifts gross income, although lower limits may apply, depending amount will be indexed for inflation after 2023.)
to charities? And what on the nature of your gift and the organization to which Establishing a donor-advised fund and making qualified
impact might these gifts you’re contributing. charitable distributions are significant moves, so you’ll need
have on your financial and Other, more long-term avenues also exist that combine to consult with your tax advisor first. But if they’re appropriate
tax situation? charitable giving with potential tax benefits. One such for your situation, they may help you expand your ability to
First, you may want to create a gift budget by deciding possibility is a donor-advised fund, which allows you to support the charitable groups whose work you admire.
just how much you will give to charitable organizations make an irrevocable charitable contribution and receive This article was written by Edward Jones for use by
over the rest of the year. an immediate tax deduction. You can give cash, but if your local Edward Jones Financial Advisor, Edward Jones,
Next, look closely at the groups to whom you wish you donate appreciated assets, such as stocks, your tax Member SIPC.
to contribute. You can find many reputable charities, but deduction would be the fair market value of the assets, Edward Jones is a licensed insurance producer in
some others may be less worthy of your support. One of up to 30 percent of your adjusted gross income. Plus, you all states and Washington, D.C., through Edward D.
the red flags of a questionable organization is the amount would not incur the capital gains tax that would otherwise Jones & Co., L.P., and in California, New Mexico and
of money it spends on administrative costs versus the be due upon the sale of these assets. Once you establish Massachusetts through Edward Jones Insurance Agency
amount that goes to its stated purpose. You can check on a donor-advised fund, you have the flexibility to make of California, L.L.C.; Edward Jones Insurance Agency of
the spending patterns of charitable groups, and find other charitable gifts over time, and you can contribute to the New Mexico, L.L.C.; and Edward Jones Insurance Agency
valuable information about them, on the well-regarded fund as often as you like. of Massachusetts, L.L.C.
Charity Navigator website (charitynavigator.org). Another possible tax benefit from making charitable Edward Jones, its employees and financial advisors
Once you’ve established a gift budget and are contributions could arrive when you start taking required cannot provide tax advice. You should consult your
comfortable with the groups you choose to support, you minimum distributions, or RMDs, from some of your qualified tax advisor regarding your situation.
might turn your thoughts to another key issue connected retirement accounts, such as your traditional IRA and Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
with charitable giving: tax benefits. A few years ago, 401(k). These RMDs could be sizable – and distributions 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

loggerhead news from page 13 satellite study that tracks
sea turtle migration in
known for his work and research in his homeland of Cuba. hopes of protecting and
The Blue Business of the Year Award/Nonprofit preserving habitats.
of the Year Award recognizes a business or nonprofit The finalists have
that has made outstanding contributions to promoting been evaluated by an
conservation or restoration of marine life or ecosystems esteemed panel of
through its work, outreach, practices, products, or independent judges
technology. The finalists are: who will review the
• Inwater Research Group ─ a small, nonprofit submitted criteria to
organization dedicated to rescuing and researching select finalists and
numerous marine species, including sea turtles, winners. This year’s
elasmobranchs, and bony fishes. Inwater has a strong judges include Sally
focus on marine conservation and education, with Murray, daughter of
research projects spanning across both coasts of LMC Founder Eleanor
Florida. Fletcher; Susan Murray,
• Rock the Ocean’s Tortuga Music Festival ─ deputy vice president
founded in 2013 with the mission of raising funds of Oceana U.S. Pacific
and awareness for ocean conservation, Tortuga and and granddaughter
Rock the Ocean have hosted more than 100 nonprofit of Eleanor Fletcher;
organizations within the music festival, and raised over Greg Marshall, marine biologist and filmmaker; Joel chairman of Mission Blue and a National Geographic
$4 million for ocean conservation research, efforts, and Sartore, longtime contributing photographer to National Society Explorer in Residence; and Brian Skerry,
education. Geographic magazine and author of The Photo Ark: One award-winning National Geographic photographer and
• Upwell Turtles ─ a nonprofit committed to Man’s Quest to Document the World’s Animals; Lad Akins, film producer.
supporting the research, data collection, conservation, curator of marine conservation for the Phillip & Patricia To purchase tickets or to sponsor the Go Blue
and management of open ocean habitats in the Frost Museum of Science and an inductee into the Scuba Awards, visit marinelife.org/connect/goblue.
recovery of threatened or endangered marine turtles. Diving Hall of Fame; Dr. Wallace J. Nichols, marine
Upwell launched the “Lost Years Initiative,” a biologist and author; Sylvia Earle, Ph.D., president and Photos by Loggerhead Marinelife Center

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