Are you enthusiastic about giving to this campaign, but not sure where to start? Here are some creative suggestions to help you allocate or free up resources so you can be part of Legacy 20/20:
Your treasure is already where your heart is; ask yourself if both are submitted to His Lordship. Bringing your requests to God and receiving wisdom from Him is every believer’s privilege and responsibility. He wants to reveal His heart and His will to you; be proactive and ask Him. Similarly, engage those here on earth that you trust and with whom you walk daily. Swap stories, ideas, and testimonies, and stir up generosity in one another. Spur one another on toward love and good deeds.
Giving out of your income is a great place to start; perhaps it’s a bonus or an unexpected commission that could be set aside. Consider assets: did you know you can give land or a home directly to your church and avoid paying any capital gains tax while still getting a fair market value deduction? Then there’s “stuff": you move it, you store it, you insure it, and you dust it. Perhaps you could give it? Most importantly, consider a sacrificial gift. Set aside funds you normally would have spent on something you can do without or even something you think you can’t.
Now, follow through! Faith without works is dead; we must set it in motion to produce its results. Making a commitment is about anticipating what God will do with what you give through your humility and obedience, not about how or how much you give. Your job is to ask, listen, and respond; His role is to bring seed to the one who would sow. He is faithful, and so also should we model that faithfulness.
Ideally individuals may consider selling the vehicle and gifting the proceeds to the church, or if a tax write-off is critical donating the vehicle to the church.
Individuals would take a distribution from their IRA, count it as taxable income on their tax return, give it to the church and then take a charitable contribution tax deduction, If they are able to itemize their deductions. (Note—The standard deduction for a married couple both over age 65 is currently $14,800.)
An unencumbered piece of real estate that is readily saleable can be a valuable gift
Some individuals have accumulated cash value in insurance policies that they may give to the church.
Giving appreciated stocks or bonds in accounts subject to IRS income taxes can be advantageous to the donor and to the church. The donor may avoid paying capital gains taxes while receiving a charitable deduction, and the church will receive a beneficial and liquid asset. To claim these tax benefits, the stocks/bonds/mutual funds must be transferred to the church rather than selling and donating the proceeds.
When considering these or other creative giving ideas contact your tax accountant/advisor who can advise you about tax credit strategies and about the most advantageous way to make a gift to Abba's House. Additionally, IRS rules are subject to change.
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