Charitable donations are often given in the form of cash or check. We also offer the opportunity to use your credit or debit card for your donation. You have the option to give monthly through automatic bank withdrawal as well as setting up your online giving in multiple ways that make it convenient to your financial situation. This way, you can give without having to remember to send money each month. Click on the donate button below to choose which method of payment to use as well as set up your donation schedule that works best to suit your needs. You are always welcome to mail in a contribution as well. Gifts of cash are tax deductible in the current year if the gift is received by December 31st. Up to 50% of your adjusted gross income can be deducted this year. You have up to five years to carryover any unused portion as a deduction if the amount given exceeds the 50%. So give as much as you like—it is very beneficial to you as well! Mail checks to St. Leo’s, P.O. Box 9033 Russellville, AR 72811
Making donations of stocks, bonds, and/or mutual funds can also bring tax savings. These gifts can be deducted at their full market value, while avoiding capital gains tax if the assets have been held longer than 12 months. Not only do you benefit from not paying capital gains, but you can also deduct up to 30% of your adjusted gross income with the same five year carryover of any unused portion. Real estate gifts can be transferred in the same way as appreciated securities and allow for deductions at the full market value of the property. Appraisals would be needed to determine the amount that could be fully deducted to avoid capital gains tax. Contact us for more information about this method of giving.
If you are an employee, stock holder, or retired employee of a company, you may be able to get the company to match your donation. You need to contact the Human Resource Department of the company to see if they have a program set up to match community donations. This is an easy way to double your gift!
If you are age 70 1/2 or older, you can transfer money from your IRA. The IRA owner can designate up to $100,000 a year to a charity and avoid being taxed on the distribution, allowing you to use your charitable gift as a tax-efficient way of meeting your required minimum distribution. Contact us for more information about this method of giving.
Give a gift in honor of a deceased loved one. Contact us for more information about this method of giving.
After providing for loved ones, you can designate a specific amount, percentage, certain property, or all or a portion of what remains in your estate to a charitable organization. There is not a limit on the amount of charitable gifts that are deductible for gift and estate tax purposes.
Because balances remaining in retirement plan accounts can be subject to both income and estate taxes, relatively little of these funds may be left for heirs. That is one reason it can be wise to make gifts following your lifetime from retirement funds. As noted earlier, retirement accounts may also be a good choice when deciding how to make current gifts as well.
Life insurance policies that have built up cash value but are no longer needed for their original purposes can make excellent charitable gifts. You may also find that including a charitable beneficiary for all or part of the proceeds of a life insurance policy can be a convenient way to provide a gift through your estate.