For many people, the end of the year is a time for giving gifts—not only to family and friends but also to valued organizations such as the New England Aquarium. Whether it is a traditional cash gift or something else, December is also your last chance to obtain charitable deductions you can claim next April.
As you plan your year-end giving, keep in mind that contributing cash is just one way to support the New England Aquarium and protect our oceans. Consider the following tax-smart techniques to support the New England Aquarium before 2025 ends. Make sure to finish all charitable giving by December 31st!
Give appreciated securities
Despite some setbacks, you’ve probably seen your investments grow over the last few years. However, selling appreciated securities will trigger a capital gains tax of 15% for most taxpayers. By transferring your appreciated securities directly to the New England Aquarium instead of selling you avoid the capital gains and receive a tax deduction for the full value of the securities.
Use your Donor-Advised Fund to make a gift
Make an outright gift now by recommending a grant to the New England Aquarium. Or create a succession plan to recommend that the New England Aquarium receive all or a portion of the fund value upon the termination of the fund in the future.
Consider a “Charitable Rollover” Gift from Your IRA
If you are over age 70½ and have an IRA, you can direct your plan administrator to make a “qualified charitable distribution” to the New England Aquarium While you will not receive a tax deduction, the amount transferred (up to a total of $108,000 this year) will not be added to your taxable income, as it would if you made a withdrawal from your IRA. Even better, if you’re 73 or older, your qualified charitable distribution will count against your required minimum distribution for the year.
Start planning now
As always, your own advisors are in the best position to help you decide what is most appropriate, whether now or in the new year. A year-end gift is a tax-savvy and powerful way to ensure a healthy ocean for all of us. Act now to make the most of your charitable contributions—your support makes our work toward a vital and vibrant ocean possible.
