ESUMC’s 3G Team (Gratitude, Generosity, Giving), previously known as the Stewardship team, provides leadership on opportunities in these areas within the church.
Commitments for 2023
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Good stewardship is its own reward — by creating a lasting, life-changing impact around the world to the glory of God.
We are glad to share these options that may allow you to maximize your impact and leverage your charitable giving, particularly at the end of a calendar/fiscal year.
Each of the possibilities outlined below may yield a tax advantage or a financial benefit to you … which, quite simply, is good stewardship!
(ESUMC cannot provide tax advice for your specific situation, but we would like to provide you with some items for consideration.)
A Rollover Gift from Your IRA
If you are age 70½ or older, you can transfer up to $100,000 from your traditional individual retirement account (IRA) to a qualified charity without adding a penny to your taxable income — while receiving tax benefits that don’t require you to itemize on your tax return!
This is possible when you complete the donation as a qualified charitable distribution (QCD) with a direct transfer of the amount you choose from your IRA by December 31.
If you are 72 or older, this kind of gift also counts toward your required minimum distribution.
Donating Appreciated Assets
You can donate appreciated assets, such as stock or property, and likely make a greater impact than if you sell the assets and donate the proceeds.
In fact, if you are planning to make a cash donation before year’s end, consider making an equivalent donation through appreciated stocks and securities. You often save on capital gains today, and you could repurchase the assets with the cash you were originally planning on using for the donation — increasing your cost basis, reducing tax in the future.
Even when taking a standard deduction for 2021, single taxpayers may be able to deduct up to $300 ($600 married, filing jointly) for cash charitable donations. This deduction for non-itemizers expires this year.
As Christ said in Matthew 25:21, “Well done, good and faithful servant. You have been faithful over a little; I will set you over much. Enter into the joy of your master.”