Make Your Donation a Tax Deduction
Throughout the year, many of us celebrate giving seasons with gifts of gratitude. We present gifts to our loved ones as well as to the organizations that make a difference in our lives and the lives of others.
Some of us are accustomed to claiming tax deductions for donations to charities and the arts, however, changes in tax law have limited the tax deductions. Yet, there are still ways to make your donations tax deductible.
- IRA Distributions
Those who are at the IRA mandatory distribution age* can make a Qualified Charitable Distribution (QCD) from an IRA and the withdrawal will not be subject to ordinary income tax.
*Age 70 ½ if born by June 30, 1949
*Age 72 if born after June 30, 1949
- Donor Advised Fund or Charitable Trust
Many people have established a “Donor Advised Fund” or “Charitable Trust” to fund annual donations several years in advance. Amounts deposited in the fund above the standard deduction are deductible in the year deposited.
To make a donation from your IRA, or through a Donor Advised Fund or Charitable Trust, just contact your financial institution and have them send a check to:
Fort Worth Classic Guitar Society
P.O. Box 821954
Fort Worth, TX 76182-1954