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STRATEGIES FOR WISE GIVING
STRATEGIES FOR WISE GIVING
There are many ways to support the New Mexico Philharmonic and the New Mexico Philharmonic Foundation. We thank our members, donors, volunteers, sponsors, and advertisers for their loyalty and enthusiasm and their help in ensuring the future of symphonic music in New Mexico for years to come.
LOOKING TO MAKE SMART DONATIONS? Based on presentations by professional financial advisors, here are some strategies for giving wisely, following recent changes in the tax law. The advisors identified five strategies that make great sense. Here they are in brief:
GIVE CASH: Whether you itemize deductions or not, it still works well.
GIVE APPRECIATED ASSETS: This helps you avoid capital gains taxes, will give you a potentially more significant deduction if you itemize, and can reduce concentrated positions in a single company.
BUNCH GIVING: Give double your normal amount every other year to maximize deductions.
QUALIFIED CHARITABLE DISTRIBUTION/REQUIRED MINIMUM DISTRIBUTION: If you are required to take an IRA distribution, don’t need the cash, and don’t want the increased taxes, have the distribution sent directly to a qualified charity.
HIGH-INCOME YEARS: If you are going to have high-income years (for any number of reasons), accelerate your deductions, avoid capital gains, and spread out gifts through a Donor-Advised Fund.
BE PROACTIVE: Consult your own financial advisor to help you implement any of these. Please consider applying one or more of these strategies for your extra giving to the NMPhil.
