A mom in North Carolina tweeted this: “My 8-year-old daughter met a girl at summer camp last year named ‘Internet.’ I said no way, that can’t be her name but my daughter has been adamant. For almost a year we’ve been having this discussion. ANTOINETTE. I just found out her name is Antoinette.”
While this little misunderstanding led to a funny anecdote, the stakes of accuracy are often higher – especially when it comes to tax law. Understanding current tax laws can open a whole new world of generosity for you and help you compound gifts for the causes you care about, like Hospice of Michigan.
Here are a few tax-wise giving tools to consider:
- Giving from your IRA. If you’re at least 72 years old, you can donate your required minimum distribution.
- Gifts of Stock. When you donate appreciated stock to a nonprofit, you can avoid Capital Gains, deduct the fair market value, and have a greater impact.
- Donor Advised Fund. When you contribute to your DAF you are generally eligible for an immediate tax deduction, and your funds grow tax-free.
Giving tools like these provide a simple way to convert your passion for the end-of-life care that Hospice of Michigan provides into tax-smart giving. Exploring the implications of current tax law (and understanding them clearly) can even reveal some creative and mutually beneficial results.
To learn more, contact Stephanie Le at 248-346-4253 or sle@hom.org
Learn more about what giving back can look like for you.