Tips for Year-End Giving

A year-end gift to Western Pennsylvania Conservancy will not only help us “save the places we care about” but also help you help your own bottom line come tax time next spring! Here are a few tips that can help you make the most out of your year-end charitable giving.

Assess your financial situation. Now may be the best time to take a look at your income and estimate your tax liability. Because of the income tax charitable deduction, individuals who make their gifts by Dec. 31 and itemize can significantly reduce their income taxes for 2004. Your charitable deductions are one of the few tax-saving opportunities that are totally within your control!

Avoid capital gains tax. Year-end is a good time to make a gift of long-term appreciated stock to WPC. You avoid any capital gains tax on the increase in value of the stock. Plus, you’ll get to take a tax deduction for the full fair market value of the stock on the date of the gift.

Consider a life-income gift. A life income gift allows you to convey assets this year and yet continue to receive income into the future. The process is as simple as transferring cash or stock to establish a charitable gift annuity or other similar vehicle. The income — an annual amount which is agreed upon when you create the trust — can be paid to you and/or a loved one for life, after which the assets are distributed outright to WPC. Increase your income while protecting our wild resources!

Do your giving early. Accountants and financial planners are often very busy at the end of the year so make your plans as early as possible. Remember the Dec. 31 deadline and get your gift in before it!

Consult your financial advisor. Before you choose to make a gift to WPC, you should consult your financial advisor to help you understand the impact of your gift on your income tax return and estate.

Remember that your gift — no matter how you choose to make it — makes our work possible. Now is the time to act! For additional information on these tips or additional ways to give to WPC, contact Moira A. Aulbach at 412-586-2396 or maulbach@paconserve.org.

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