Planned Giving
Planned giving can provide you with tax benefits while simultaneously helping animals. Through a planned gift, you may be able to increase your current income or provide additional retirement income while reducing your income tax and estate taxes.
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Using QCDs and RMDs by Year-End
By donating directly from a retirement account to a 501c3 non-profit through a qualified charitable distribution (QCD), your contribution would be tax-free.
According to IRS.gov, “(IRA) owners age 70½ or over … can transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give to charity before the end of the year. And, for those who are at least 73 years old, QCDs count toward the IRA owner's required minimum distribution (RMD) for the year.”
While an RMD counts as taxable income, a QCD does not. However, the QCD must be made during the current tax year. Donations to North Beach PAWS are usually tax deductible (some limitations apply).
Using RMDs to Support Charities
The late Charlie Utterback, a CPA, offered advice on using Required Minimum Distributions to support PAWS or any other Charity.
Click HERE for all the details on how you can utilize RMDs for your favorite charity.
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