By Sr. Laura Goedken
As the end of the year approaches, you will want to evaluate your giving. Take time to think of how God has given you so much and how you share these gifts with others. You are probably thinking also of the many messages from Pope Francis on helping the poor. This might also be a time for you to look at your finances and taxes. The following are suggestions for you to consider.
Setting up a donor-advised fund might be a good idea for you. You are able to make a gift to the Catholic Foundation this year and receive a tax deduction. The Catholic Foundation can, in future years, make donations to diocesan Catholic organizations you select, such as your parish, the Annual Diocesan Appeal, Humility of Mary Housing Inc. and Humility of Mary Shelter Inc., your Catholic school, etc.
With the stock market having grown, a gift of stock may be a good idea. The donor avoids capital gains tax when donating appreciated securities. The charity benefits from your generosity.
If you are at least 70 ½ years old, you can donate to a charity from your IRA and avoid taxes on your IRA withdrawal. On Dec. 4, the House Ways and Means Committee stated there would be no tax reform bill in 2013. This IRA rollover will expire the end of December. This committee will restart the tax reform process in 2014.
You could also consider setting up a charitable gift annuity. An annuity does three things for you: gives you a tax deduction, makes a gift to a charity and gives the beneficiary income in future years.
For more information on any of the above options please contact diocesan Director of Development Sister Laura Goedken, OP, at (563) 888-4252 or Goedken@davenportdiocese.org.