Save on your taxes and save lives too
COCONUT CREEK, FL (December 1, 2008) – Even with the stock market in an apparent free fall, there may be an opportunity for investors to reap some benefit by donating stocks, bonds, and mutual fund shares to charity before the end of the year.
For taxpayers who itemize deductions, bumping up year-end charitable donations can help reduce the tax bite – in essence doing some good for the taxpayer while doing some good for a worthwhile cause.
For most investors who saw their portfolios sink over the past year, selling a depreciated stock or fund and donating the proceeds to charity may hold a double benefit. They may be able to deduct thousands of dollars from the loss and take a deduction for donating the proceeds of the sale to charity.
Investors lucky enough to have made money in this market, may be able to donate appreciated stock or mutual fund shares to charity, avoid a capital gains tax, and take a sizeable deduction for their generosity.
“Either way, there may be some tremendous opportunities to save substantially on taxes while saving lives too,” says Angel Aloma, the executive director of Florida-based nonprofit Food For The Poor. “Over the years, we have seen a substantial increase in donations of this nature and it has been a wonderful boon to the work we do.”
Food For The Poor recommends that anyone interested in donating stocks, bonds, or mutual fund shares to the charity talk to their tax professional. Potential donors can also learn more by logging on to www.foodforthepoor.gift-planning.org.
Food For The Poor is the largest international relief and development organization in the nation. With more than 96% of all donations going directly to programs that help those in need, Food For The Poor provides nourishing food, safe shelter, necessary medical care, educational materials, support for orphans and the aged, and much more to the poorest of the poor in 17 countries in the Caribbean and Latin America.
(954) 427-2222 x 6610