The holidays are upon us, and 2022 is coming to a close. For many Americans, December is also giving season—a month to make charitable donations in the spirit of the holidays, honor loved ones and friends, and take advantage of tax deductions before the year ends.
Here, we highlight several timely giving options to take advantage of by December 31.
As always, consult with your accountant, tax preparer, or other professional about your individual financial situation.
Take advantage of tax-deductible contributions before year end
Unfortunately, this year taxpayers won’t be able to take a one-time, above-the-line deduction on charitable gifts, as they could through special pandemic-related legislation in 2020 and 2021.
This year, only those people who itemize their tax deductions and do not take the standard deduction will be able to deduct charitable contributions. If you fall in this camp, be sure to donate to BCRF by December 31.
There are other, non-cash options to consider in your end-of-year giving plans.
If you have a donor-advised fund (DAF), then you’ve already taken advantage of the increasingly popular investment account’s immediate tax benefits. For many nonprofits, the pandemic, economic inflation, and stock market volatility have upended funding, undermining ground gained and putting progress at risk. Things are likely to remain extremely challenging in 2023. Consider giving from your DAF this year—when charities need it most. Click here for information on making a grant to BCRF from your DAF.
Donating appreciated stocks and securities can be cost-effective—and tax-friendly. These gifts may be eligible for a tax deduction based on their fair market value, and they can help taxpayers eliminate or reduce federal capital gains taxes owed.
Donors who meet the minimum age for a required minimum distribution can make qualified charitable distributions (QCDs) from their retirement accounts. Through IRA charitable rollovers, for example, donors can direct up to $100,000, tax-free, to qualified nonprofits. Read more about how to make a rollover to BCRF.
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Make this the year you finally check “write a will” off your mental to-do list—or at least get the process started.
By making a charitable bequest to BCRF in your will or living trust, you ensure future funding for breast cancer research. A bequest costs nothing in your lifetime, and it can include a set dollar amount, a percentage of your assets, specific assets, or what’s left of your estate after certain asset dispositions are made.
To make estate planning a little easier, BCRF has partnered with FreeWill, a complimentary online will-writing service. If you have a complicated estate or prefer to finalize your plans with an attorney, FreeWill can also be used to create a set of wishes. Visit FreeWill.com/BCRF to get started on your will.
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We hope that you will consider BCRF in your charitable donation plans this year, if you haven’t already. Since BCRF took up the challenge of ending breast cancer in 1993, deaths have declined by more than 40 percent. In just the last six years, nine new therapies have been approved for metastatic breast cancer, the form that takes lives. And there are now more than four million breast cancer thrivers living in the U.S. today thanks to research.
With BCRF support, the field’s brightest minds have transformed the way the world approaches this disease. Because BCRF’s supporters move BCRF forward, BCRF can move research forward—faster.
Please remember BCRF in your will planning. Learn More
Breast Cancer Research Foundation28 West 44th Street, Suite 609, New York, NY 10036
General Office: 646-497-2600 | Toll Free: email@example.com | BCRF is a 501 (c)(3) | EIN: 13-3727250