6 minute read
Finance
ASK AN ADVISOR ABOUT CHARITABLE GIVING
By Andrew Fincher, CFP,® AIF®
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The end of the year sparks many of us to give to charitable causes. What if we were more purposeful with our giving strategy? As part of year-end tax planning a financial planner can walk you through different strategies that would help maximize your impact and reduce your tax liability.
Will gifting money reduce my tax liability?
Gifting money to a charity, a qualifying 401c3, a church, or synagogue will typically qualify you for a tax deduction and reduce your tax liability.
Can I gift funds as part of my Required Minimum Distribution?
When you reach age 72, the IRS requires you to take distributions from your retirement accounts. These distributions are taxable income. Using your RMD is a very tax-effective way to support a cause. The distribution is made directly to the charity and you are able to exclude the amount from taxable income. You can donate up to $100,000 of your retirement assets each year.
Can I gift stock?
Yes, you can gift up to the gift tax limit of $15,000 of stock gift tax free. It is usually preferable to gift low basis, highly
appreciated stock. Gifted stock transfers original donors basis, allowing the donor to avoid capital gains and providing stock to a beneficiary in a lower tax bracket, which lowers the overall tax on the stock.
When do I have to make these donations?
Donations need to be postmarked by December 31st to count for the calendar year.
A charitable giving strategy can align your financial interests with your gifting interests. If you have questions about yearend charitable giving, please connect with one of your financial advisors to discuss which options or strategies work for your situation best.
Andrew Fincher is a Financial Advisor at VLP Financial Advisors. For more than 30 years, VLP has worked successfully and effectively with all kinds of families and individuals, retirees and business owners, women and men—all pursuing their own aspirations, each investing and saving in the ways that make the most sense for them. We’ve stood with those clients through life transitions, through celebrations and challenges, through milestones and market swings. We look forward to standing with you.
SPECIALIZATION
n Investment management and financial planning for individuals, families & organizations
n 401(k) management for businesses
DESIGNATIONS
n Certified Financial Planner (CFP®)
Professionals
n Accredited Investment Fiduciary (AIF®)
n Certified Financial Analyst (CFA)
n Certified Divorce Financial Analyst (CDFA®) Andrew Fincher, CFP®, AIF®
VLP Financial Advisors
8391 Old Courthouse Road, Suite 203 Vienna, VA 22182
703.356.4360
Learn more at www.vlpfa.com. v
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*All situations are different, please consult your financial professional for information regarding your needs and suitability issues. The official statement should be read carefully before investing. For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.
Metropolitan Washington Airports Authority President and CEO Jack Potter and Metro General Manager and CEO Randy Clarke
Metro’s Silver Line Extension to Washington Dulles International Airport and Loudoun County Opens November 15
by Marcia McAllister
On Tuesday, November 15, 2022, at 10:30 a.m., Metro will celebrate the opening of the Silver Line Extension with a ribbon cutting ceremony at Washington Dulles International Airport Station with U.S. Transportation Secretary Pete Buttigieg, federal, state, and local officials, Metro General Manager and CEO Randy Clarke, Metro Board members, and Metropolitan Washington Airports Authority President and CEO Jack Potter. The extension will expand the existing Silver Line, offering six new Metro stations in Virginia and bringing Metrorail service to Washington Dulles International Airport and Loudoun County for the first time.
New shuttle to service Reston Town Center station area
by Marcia McAllister
In the future, the system will go electric!, Goudie said.
The system is being funded via a cost-sharing agreement between members of the association.
Goode said news of the service has been cheered by residents and office tenants.
Hunter Mill District Fairfax County Supervisor said the shuttle system will “support Fairfax County’s investment in Metrorail and provide another alternative to single occupancy vehicles” in Reston.
In preparation for the opening of Phase 2, Fairfax County is implementing multiple changes to its Fairfax Connector bus routes to best serve Silver Line users. v
With the opening of Silver Line Phase 2, the Reston Town Center Association is making sure users of the Reston Town Center Metrorail Station will have easy access to Reston Town Center and its multiple residential, office, retail, restaurant properties.
The association will provide a free shuttle service throughout the town center area.
The RTC shuttle will be free and stop every 10 minutes at six locations between 7a.m. and 7p.m. weekdays, according to Robert Goudie, executive director of the Reston Town Center Association. Stops will include the metrorail station, Discovery Square, Window Plaza, Explorer Street/Town Square Park, Pavilion/Mercury Fountain and Hyatt Regency Reston. the loop takes about two-miles and takes about 16 minutes.
Plans call for running two vans simultaneously. That translates to six routes per hour.. the service will be operated by Reston Limousine, a locally owned transportation provider .
Goudie said the association plans to wrap two buses in white, blue and chartreuse , making sure the vehicles stand out as they circle along Sunset Hills Road, Reston Parkway, Market Street, Bluemont Way, Town Center and New Dominion parkways.
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