United Way of Atlantic County Reminds You that You Can Save a Lot by Giving

With the busy and much-anticipated holiday season upon us, attention naturally turns to giving gifts. Thoughts focus on family, friends and colleagues - and the search for appropriate expressions of appreciation, friendship and love. Inevitably, we tend to focus on what is really important in life—on values and lasting impressions. And in the midst of this reflection, generous men and women seize the timely opportunity to include charitable organizations in their giving plans.

By taking the time now to carefully consider your charitable giving for the remainder of the year, it is possible to insure that each gift to a qualified charity has maximum impact - both for organizations like United Way of Atlantic County as well as for you and your family.

“It's helpful to remember that incentives for making charitable gifts continue to be a significant factor in our nation's tax laws,” said Barbara Lang, owner of Lang & Associates, CPA’s, and Vice President of Finance for United Way of Atlantic County’s Board of Directors. “Gifts of cash as well as stock, bonds, mutual funds and other assets offer very attractive tax benefits when it comes time to file your income tax return for this year -- but only if you take specific action before the end of the calendar year.”

Lang offers the following helpful tips and options for you and your family to consider when planning your gifts for the remainder of the year:

Gifts of Cash and Pledged Gifts
Usually made in the form of a check, cash gifts are the most common type of charitable contribution. At United Way of Atlantic County, a great majority of donors give through payroll deduction at their workplace. Tax benefits are available for these gifts when you itemize deductions on your tax return.

“Just remember,” suggests Lang, “that, for most taxpayers, contributions are deductible for the year in which they are actually paid or delivered. Pledges are not deductible until the year in which they are paid.”

To take advantage of the applicable deduction, be sure that your check is delivered in person or mailed in an envelope postmarked no later than December 31.

Gifts of Assets other than Cash
Many people have enjoyed significant gains in the value of stocks and other investments over the years. Also, if you have property that has increased in value since you acquired it, you may wish to consider using it to fund your charitable gift this year. The charitable tax deduction may be based on the appreciated value of the property. Gifts of low-yielding securities, real estate and other similar properties can offer a tax-efficient way to make meaningful gifts with little or no effect on your disposable income.

Matching Gifts
If you're a working professional and have recently made or plan to make a gift to a nonprofit, your generous support could be doubled, or even tripled, just by notifying your employer. Many national corporations, as part of their philanthropic efforts, have dollar-for-dollar (and some match on a 2-for-1 basis) matching gift policies for employee contributions to non-profit charitable organizations. Additionally, if you have recently made a gift, many companies will match retroactively gifts made within the past 30 to 90 days. To find out if your company has a matching gifts program, ask your employer's personnel, human resources or benefits administrator, or contact United Way of Atlantic County for assistance.

Gifts from Retirement Accounts
If you are over the age of 59 and a half and you have a traditional retirement account, you may wish to make withdrawals sufficient to fund your charitable gift. You then report the income on your tax return and you may be eligible to take a corresponding deduction for your gifts.

As you can see, tremendous benefits can result from taking the time to carefully plan your charitable gifts. For more information and assistance in making a gift to United Way of Atlantic County, please contact John Emge or Cathryn Flammer at 609-404-4483.

United Way of Atlantic County is a local, volunteer-driven, charitable organization mobilizing people and resources to meet our community’s most pressing health and human services needs.

United Way of Atlantic County is dedicated to making a positive impact on the quality of life for Atlantic County residents by supporting dozens of programs that reduce substance abuse, provide basic needs and increase self-sufficiency, support community health issues, foster safer homes and neighborhoods, and promote mental wellness.

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