There are many ways you can make a gift and have a positive impact on someone's life. Most of these giving opportunities could benefit you financially, and all of them will make a difference in many lives, families and communities.
Charitable gifts are most often made in the form of cash, checks and electronic transfers. When you itemize your tax deductions, gifts of cash may be used to eliminate federal income tax on up to half of your adjusted gross income (AGI). You may enjoy state income tax savings as well.
Giving securities (stocks, bonds or mutual funds) that are worth more than they cost can bring additional tax savings. Such gifts are generally deductible for income tax purposes at their full current value if they have been owned for longer than one year. They can be used to offset tax on up to 30 percent of your AGI. As an additional benefit, no tax is owed on capital gain that could be due in the event of a sale.
If you have investments that are now worth less than they cost, consider selling them and using the cash proceeds to make a charitable gift. This creates a loss you may be able to deduct from other taxable income as well as a deduction for the amount of the cash contribution. The combined deductions for the gift and the loss may total more than the current value of the investment.
Whether you make a gift in the form of cash or other property, any unused deductions may serve to reduce your taxes in as many as five future years.
Donating acceptable real estate can save capital gains, offer a tax deduction and has a major impact on helping those in need.
This is a unique way to honor a friend or loved one and benefit others in our care at the same time.
If you're interested in any of these options, please contact us at 888-390-2769 and and Donor Relations Director will be happy to speak with you.
One Donor's Journey
Over the past seven years, there have been over 300 participants who have graduated from the Adult Rehabilitation Program (ARP) in Chico - and George Walker has been to almost every graduation.
The ARP was an idea that sparked from George’s past. He struggled with alcoholism in the late 60’s, but was able to find help and then later, find sobriety.
Back in 1985, George, already the Advisory Board Chair in Chico, saw a need in the community for a robust drug and alcohol treatment program - and it became his mission to see that The Salvation Army address this need.
After 22 years of perseverance, George’s vision became reality He helped to spearhead a $5 million capital campaign, and the ARP in Chico was established in 2007.
“What better agency in the community is there than The Salvation Army?” George said. “Nobody does as much as they do. Not even close.”