Membership at MWPAI offers many advantages.
Frederick, Thomas, and Maria Proctor agreed that arts and culture are the foundation of a great community.
A gift to MWPAI before December 31 can reduce your federal tax bill as well as help to provide for the programs here that you care most about.
If you itemize deductions on your federal return you can save a substantial amount. Assume you make a gift to MWPAI of $2,500 and you are in the 33% tax bracket. You would save $825 on your federal tax bill. ($2,500 x .33)
Gifts of appreciated securities can provide both a charitable deduction and complete avoidance of federal capital gains tax. If you are paying close attention to your portfolio just now, you may find some long-held and highly appreciated securities that no longer make sense in your investing future.
As an example, suppose you transfer stock worth $10,000 that you purchased for $3,000 more than one year ago to MWPAI before December 31. Assuming again that you are in the 33% federal tax bracket, you will enjoy a tax deduction of $3,300 and you will avoid capital gains tax of $1,050. ($7,000 in capital gains x 15% tax rate.) This provides you with a total savings of $4,350 versus a sale of the same stock.
If you are more than 70 1/2 years old you can benefit from the $750 Billion Bailout! Did you know that a little-noticed section of the “Wall Street Bailout Bill” extends certain provisions of the Pension Protection Act of 2006 which permit you to make charitable donations this year and next using assets from your IRA? Such a gift enables you to completely avoid taxes on funds withdrawn from your IRA for this purpose – even if those funds are part of your required distribution for this year. Extracting money from an IRA without having it count toward your adjusted gross income can provide tremendous tax, Medicare, and Social Security advantages. Consult your tax advisor if this option interests you. Also, to protect your tax benefits, make sure that if you do choose to make a gift in this way, you advise your IRA custodian to transfer the funds directly to your chosen charity.
The development office at MWPAI is qualified to offer guidance and assistance as you contemplate these tax-wise giving opportunities.
Contact Joe Silberlicht at 315-797-0000 extension 2297 at your convenience or Email.
Thank you for supporting the arts and MWPAI.