As you know, November 29 is Giving Tuesday, a day when many look for ways to show their gratitude. However, you might not know that the Monday after Thanksgiving (Nov. 28) is Stock Monday. With the end of the tax year approaching, gifts of appreciated stock can also be part of year-end donations. The high impact donations offer significant tax savings to those making the contributions.
Did you know:
• When you transfer stock directly to a charity instead of selling a stock to give cash, you can save money, give more at no additional cost, and make a larger impact on charities you love
• When you donate appreciated stock, you avoid capital gains tax on the growth in your stock’s value and can also deduct 100% of the total current value of your contribution – that’s tax savings two ways.
• It’s the perfect time to donate: For your gift to be eligible for your 2022 tax return, you must give by December 31, 2022.
End of year donations are crucial for many nonprofits such as Phoenix Children’s. Funds donated go to programs like special therapies for music, art, and pets and helping patients at the many various Phoenix Children’s satellite locations around the metro area. Using stocks, you have held for a while that have a low cost basis can be a great way to rebalance a portfolio while getting a valuable tax deduction that makes an impact. For more information on how you can donate stocks visit Phoenixchildrensfoundation.org.