If you enjoy making an impact through charitable giving,
would like to reduce your taxes, and have IRA assets and/or appreciated
investments, here are a few tax strategies you need to know about before we wrap up 2013.
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Did you know that if you’re over age 70 ½, you can choose to
give up to $100,000 from your IRA account directly to New Horizon Ranch, up until December 31st, 2013? You won’t receive a tax deduction for the
gift, but you will enjoy a benefit that may be much better than a tax
deduction. The gift will satisfy a portion, if not all, of your Required
Minimum Distribution for the year. It will also be excluded from your
taxable income, which in addition to lowering your tax liability, may also allow you to
have a lesser percentage of your Social Security
subject to income tax, as well
as possibly help to keep your Medicare Part B premiums lower.
Appreciated Securities (stocks, mutual funds, ETF’s):
If you have securities in a taxable brokerage account that have appreciated in value, you may save a significant amount in taxes by
donating some of those shares. When you donate the appreciated securities to the New Horizon Ranch Ministry Fund, not only do you
receive a tax deduction for the fair-market value of the gift, but you also avoid all of the capital gains tax that you would have been
subject to had you sold the securities. Keep in mind that you must itemize your deductions in order for this strategy to positively effect
your tax situation.
If you have any questions about these powerful strategies, feel free to call our Treasurer, Matt Syverson, at 913-317-6000 or email him