Every year, taxpayers send billions of dollars to the U.S. government that could have gone to Kingdom work.
Paperwork. Frustration. Fear. Those are the first things that come to most people’s minds when they hear the words “April 15,” America’s annual deadline for filing income tax returns. There is another word, however, not usually associated with this event that a growing list of people are claiming: celebration.
Every year, thousands of individuals and families find themselves rejoicing over their tax situation, rather than suffering over it. Why? During the previous year, they made wise decisions regarding their charitable giving – decisions that sent tax dollars to their church and favorite ministries, rather than to the Federal government.
One of the concepts we often speak with donors about is what we call the “5 Triggers of Opportunity.” One or more of these five triggers may apply to your situation, and by working with The Idlewild Foundation right now, celebration could be your keyword for April of next year.
#1 The Changes in the Tax Laws Present New Opportunities
The tax law enacted at the end of 2017 presents ongoing challenges and opportunities for God’s people. Read more at How to Give Wisely in 2022 and learn what you can do to best approach a combination of stewardship and tax-smart giving.
#2 Real Estate & Business Interests
“We’re selling real estate or a business and will make a gift of the proceeds.” Do either of these situations sound like you? By giving all or a portion of the asset before the sale, you may be able to avoid capital gains taxes and increase your charitable income tax deduction – thus saving you money personally and sending more money to ministry. Call The Idlewild Foundation for advice long before you sign negotiate or a contract to sell.
#3 Excess Income Taxes
“We pay too much income tax each year on income well exceeding our lifestyle.” You can greatly reduce this problem by maximizing your annual charitable deductions and/or “shifting” your unused income from your personal income tax return to our ministry. There are ways to legally and creatively give that most Americans are missing, especially older Americans.
#4 Giving Through Wills
“We’re making a gift to charity through our will.” There is no income tax deduction for a charitable gift at death, but you can claim a deduction today by using a charitable trust or gift annuity. These also provide you fixed payments to support your current lifestyle. See our articles on the amazing opportunities at www.idlewildfoundation.com on Estate Planning.
#5 Estate Taxes
“We’re going to pay estate taxes when we die.” There is no income tax deduction for charitable gifts at death, but we offer giving solutions that will lower your income taxes during life. These gift arrangements may also provide you fixed payments to support your current lifestyle. Read more in our Planned Giving web page.
The Idlewild Foundation can work with your professional adviser to make the giving and estate planning process as easy as possible for you. Call us at (813) 264-8713 to see how much further your gifts can go.