Sometimes it’s amazing where you find generosity. In preparing my taxes, I happened upon a very generous benefit offered by the IRS. If you are retired and have a pension plan, 401K, or IRA, there is a provision within the code that will allow your church gift to be tax free.
For example, a gift of $10,000 would save approx. $2000-$2500 in taxes. Another major act of Generosity would be you and your family creating an endowment fund. They are typically set up to ensure that a specific ministry or program you love is always funded. The code allows a one-time gift up to $400,000 tax free.
These gifts would be made from your retirement plan directly to the church. As always please discuss with your CPA or Financial Advisor to arrange for these tax savings. There are many ways we can help with your long range planning for gifts to the church. Drop by the office and Terry Love would be happy to discuss these important subjects with you. Contact Terry Love, firstname.lastname@example.org