Donate
If you have ever considered donating appreciated stock, now is a great time to understand the significant tax savings by donating stock directly to the church. By donating stock that has grown in value and that you have owned for more than one year, you are actually giving 20 percent more than if you sold the stock and then made a cash donation. This is considered a non-taxable sale.
Also, if you are over age 73, you are probably aware that the IRS mandates that you withdraw a certain amount each year from your retirement accounts such as an IRA, 401(k), 403(b), etc. This amount is called an RMD, which stands for Required Minimum Distribution. If you gift part of your RMD to an eligible charity, such as FBC, this amount (up to a certain limit) can be excluded from your taxable income. This type of gift is known as a QCD, which stands for Qualified Charitable Distribution.