Tax Tips for Giving
Below are some tips to keep in mind when making your donation:
Contributions are deductible in the year made.
As long as the gift is made by December 31, 2014, it may be used for 2014 tax purposes.
- Putting the check in the mail (with post-mark in 2014) constitutes payment.
- A gift made by credit card is deductible in the year it is charged, even if your card payment is made in a later year.
For goods donated, only pick-ups scheduled before Dec. 31 can be used for 2014 tax deductions.
Monetary donations can be given through cash, checks, money orders, and credit card donations.
- You can claim up to 50% of your adjusted gross income (AGI) in the year you make the gift. If you cannot utilize the entire deduction in that year, deductions may be carried over for an additional five years.
- Receipts are required for all money donations.
Donations of Goods
Gently used items such as clothing, furniture, appliances and toys can be donated at any of our Adult Rehabilitation Centers or thrift stores. Click to find the nearest store to you or call 816-421-5434 to schedule a pick-up.
You determine the value of your gift. You will immediately be provided with a tax receipt for your donations. To speed up the process, please bring an itemized list of your donations and an estimated value, which you can determine using our valuation guide.
Gifts of Stocks or Mutual Funds
If you donate stocks, bonds or mutual funds that you have had for more than one year, you can:
- Claim for the fair market value up to 30% of your adjusted gross income in the year you make the gift. Any unused deduction amounts may be used to help reduce taxes in up to five upcoming tax years.
- Bypass the capital gain that would normally be taxable if you were to sell.
These types of gifts allow you to use “paper profits” to help offset and reduce your federal and state taxes. Stock gifts must be received into our brokerage account by December 31 to count as a gift for 2014. A stock certificate can also be mailed or hand-delivered to us by that date.
For more information, contact our Gift Planning Office at 816-968-0325, or click here to see our information sheet.
Other Helpful links: