Time is running out to take advantage of the 100% charitable income tax deduction for gifts of cash to certain public charities. This 100% AGI deduction ends at the end of 2021. The chart below details the annual AGI limit for charitable income tax deductions. When planning gifts, it is important to understand that certain limits can be stacked. For example, in 2021 a gift of appreciated assets up to 30% of AGI can be combined with a gift to a public charity of cash up to 70% of AGI to receive a charitable income tax deduction of 100% of AGI.
Welcome to the Three60 Charity Chat
At Three60 Law Group, we have the privilege to work with a diverse group of clients who support countless charities around the Puget Sound. Whether adding a new charity to a will or establishing a charitable trust, we learn about some remarkable organizations through our work. Over the next several months, we plan to introduce you to just a few of these charitable organizations and provide a few tools you can use to maximize the benefit of your charitable giving.
If you would like to discuss integrating your charitable giving with your estate plan or how to maximize the tax benefits of lifetime charitable giving, please contact Three60 Law Group.
What is their goal/mission? Since 1969, the Medic One Foundation has supported critical programs and initiatives to help our region’s Medic One Emergency Services. Guided by internationally-recognized medical advisors, the Medic One Foundation supports research and...
By making your charitable contributions with long-term appreciated assets instead of cash, you will receive a charitable deduction for the full fair market value of the assets gifted. Even if you have a low basis in the assets, you will still receive a charitable...
What is their goal/mission? In 2006, Redmond resident Helen Leuzzi saw a growing need to help unhoused women in her community--a need overwhelming the capabilities of local charitable organizations. This inspired her to create The Sophia Way. Since opening in...
When setting up planned gifts to charities, the primary source of those gifts should be your IRA or 401K. If an IRA or 401K is left to a charity, the charity will likely distribute the IRA to itself in the first year after your passing.
Northwest Harvest provides approximately two million meals a month. Two-thirds of the food they provide are fruits and veggies. Over 50% of the people they serve are either children or seniors. They also provide shelf-stable and ready-to-eat meals in King, Pierce, Yakima, and Spokane counties. In addition to donating to over 375 food banks, meal programs, and high-need schools, Northwest Harvest provides education for other food-based relief programs. During the COVID outbreak, Northwest Harvest has worked with the National Guard to provide over 500,000 emergency food boxes to those in need, while also serving over 1,500 people daily at their SODO Community Market, located in Seattle.