One of our most important responsibilities as stewards of all the resources God has entrusted to us is to know what we have, and to make wise decisions about what we should spend, what should be saved, what should be invested, and what should be given.
Over the years, we have received many emails and calls to clarify giving options for the end of the calendar year. To ensure your gifts qualify for a tax deduction for 2017, we have provided all the pertinent information below.
The tax deduction deadline for your 2017 gift, if given in person and dropped into the offering plate or given to a staff member is Sunday, December 31, 2017 by midnight. For all mailed in donations, they must be postmarked by Saturday, December 30, 2017.
You may achieve significant tax savings by donating stock rather than selling them and donating the proceeds. Venture Christian Church is happy to receive gifts of stock. Please be aware that gifts of stock may take a few days to process and gifts of stock must be received by Venture by Friday, December 29, 2017 in order to be deductible in 2017. Please email Maureen Shilling, CFO, firstname.lastname@example.org or Tanya Nguyen, Finance Director, Tanya@venture.cc for the brokerage information.
It is not too late to take advantage of a special law that allows those who are 70 ½ or older to donate directly from their IRA while avoiding all income tax on the distribution. Call your financial representative for details.
Required Minimum Distributions (RMD’s)
There’s nothing worse than paying taxes on income you don’t need. Under current tax laws, you can contribute a gift of up to $100,000 from your retirement account without paying taxes on the distribution. The result is a reduced RMD and a tax-free gift to a qualified charity.
If you have any questions please feel free to give us a call at 408.997.4696. We are here to serve you and help you be wise stewards of the resources God entrusted to you.