Year-end giving

By Marcy Friedland, FRD Director

As 2022 comes to an end, we want to take a moment to thank you for your continued support. We are counting on you and your generosity to help us achieve our goal of $1.6 million. Your contributions help us to ensure the future of the Jewish community here, overseas and in Israel.

Did you know that there are seven different ways to make a tax-saving charitable donation by the end of the year?

1. Donate appreciated non-cash assets instead of cash.

2. Utilize both the standard deduction and itemized deductions by bunching two years of contributions into 2022.

3. Consider using a donor-advised fund account, making tax-deductible contributions before year-end, and deciding on grant recommendations next year.

4. Donate cash from the sale of depreciated securities.

5. Use a part-gift/part-sale strategy to offset capital gains tax from investment portfolio rebalancing at year-end.

6. Satisfy an IRA Required Minimum Distribution (RMD) through a Qualified Charitable Distribution (QCD).

7. Use a charitable deduction to offset the tax liability on a retirement account withdrawal or conversion to a Roth IRA.

Giving is a good idea for several reasons, especially in 2022. In addition to effectively spreading the wealth, you can improve your own circumstances and sense of well-being by benefiting from special tax deductions. It’s a generous way to start the new year.