GIFTS OF CASH
Maximize your charitable deduction by giving a cash gift. Cash is the simplest donation and provides immediate benefits. Gifts of cash include currency, personal checks, money orders, credit cards and wire transfers.
There are wonderful benefits to using cash to fund a charitable gift. First, you are entitled to a charitable income tax deduction. Second, this deduction counts against a larger portion of your taxable income than with a gift of appreciated assets. Here’s why: The IRS allows you to claim charitable deductions for gifts of cash up to 50% of your adjusted gross income but only up to only 30% for gifts of appreciated assets.
The Springfield Symphony urges you to discuss your tax planning with your accountant or other professional advisor. If you have any further questions please contact: