Smart Ways to Give In 2024 and Beyond
(It’s never too early to think about how you want to plan your charitable gifts for the coming year.)
Are you looking for ways to protect assets this year with a gift that maximizes your impact and reduces your taxes? Consider the four smart options below.
Make an Immediate Difference
When you support our mission by simply writing a check, you make great things happen and may receive a federal income tax charitable deduction. If you itemize, you can write off the amount you’re donating, resulting in lower taxable income. Unsure of whether your gift is tax-deductible? Contact your financial advisor or tax consultant.
Use Appreciated Securities
By donating appreciated securities that you have owned for longer than one year, you receive the same income tax savings as you would by making a gift of cash. You also eliminate any tax on the appreciation.
Did you know? If the securities are electronically transferred to us, the gift date is the day the securities enter our account—not the date you ask your broker to make the transfer.
Contribute to Your Donor Advised Fund (DAF)
Add funds to an existing DAF or open a new one by a written agreement at a community foundation or sponsoring organization.
Did you know? You qualify for a tax deduction when you make a gift to a DAF, without immediately having to choose the organizations you want to support. If you are ready to start making an impact with your DAF, consider recommending a grant (or recurring grants) to support Moffitt Cancer Center Foundation. Additionally, you can create a future legacy gift by naming Moffitt as a beneficiary on your DAF account.
Make a Gift from Your IRA
If you are 70 or older, you can give any amount up to $100,000 from your IRA directly to Moffitt Cancer Center. (Note: This amount will be higher in subsequent years to adjust for inflation.) You will not pay income taxes on the transfer. If you are required to take minimum distributions, you can use your gift to satisfy all or part of your obligation. Your IRA administrator must remove the funds from your account by Dec. 31 for your donation to qualify this year.
Did you know? If you have check-writing features on your IRA, your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year.
We Are Here To Help You Plan
We are happy to help ensure that you realize the greatest benefit for your kindness. Please contact Michael Kennedy at 813-745-7992 or michael.kennedy@moffitt.org.