Here’s what it’s going to look like: Give the first 10% of your income by tithing for three months. It's one of the most tangible ways you can live a generous life.
When you sign-up to take the 90-Day Challenge, you’ll receive a series of emails to cheer you on over the next three months. Each email will contain a powerful, short story of what God does when people like you live out the value of generosity.
We believe God will do incredible things in your life over the next 90 days.
Use PUSHPAY (our secure partner) to give a recurring or one-time gift from your bank account or credit/debit card.
If you typically give in service, now is a great time to go ahead and get set up Online Giving. It's an easy way to give.
Help RiverGlen avoid credit card fees by using your checking routing number . In this way 100% of your gift goes to Ministry.
You can also give a one-time gift or schedule your recurring giving via text.
Just text "riverglen" to (833) 471-6777.
You may send donations to RiverGlen Christian Church, S31 W30601 Sunset Dr., Waukesha, WI 53189.
While the tax benefit if not our primary motivation to give, as stewards it is important that we plan wisely to take advantage of the strategies available.
In 2020, there is no adjusted gross income limitation for charitable deductions. It is possible to make charitable gifts and deduct up to 100% federal adjusted income for tax purposes.
If you have appreciated property that you plan to sell in the future, consider gifting the property. You receive a current income tax charitable deduction and avoid capital gains payable on the sale.
If you own securities which are worth less now than what you paid for them, you could sell the securities and give the proceeds. In addition to the income tax charitable deduction for the full value of your gifts, you can take a capital loss on your income tax return. This will provide further tax benefit that would be lost if you gave the securities.
If you are age 70 1/2 you may transfer up to $100,000 directly from your IRA to charity without tax implications.
The gift from your IRA must be made directly to a public charity. Gifts cannot be made to private foundations, donor advised funds, or deferred gift plans, such as a charitable gift annuity, or charitable remainder trust.
Depending upon the size and organization structure of each ministry, you may consider making your gifts from these types of assets.
The simplest thing to give is cash. To receive a deduction for the gift, make certain it is postmarked or delivered before the end of the year. Note; The CARES Act of 2020 allows individuals to deduct all cash gifts to qualified charities with out the maximum or cap of a normal tax year.
If you are age 70 1/2 or over, you can transfer up to $100,000 directly from your IRA to charity this year to complete a special gift. Timing is important. You want to make certain that there is enough time for your account custodian to process your request, allowing your gift to be completed by December 31.
If you own assets that have appreciated in value (stocks, bonds, real estate) it may be to your advantage to contribute to ministry, especially if you do not plan to maintain the asset in your portfolio.
You can avoid the payment of tax on the capital gain and your income tax charitable deduction will be for full fair market value of the asset. Again, timing is important.
You may give ownership of an existing life insurance policy to ministry and receive an income tax charitable deduction for the cash value of the policy. You may also take a charitable deduction for remaining premium payments as you make them. If you purchase a new policy naming a ministry as owner, your income tax charitable deduction will be for your contributions towards the payment of premiums.
You can make a gift of a tangible personal property to a charitable organization. If this asset is related to the tax-exempt function of a charity and you have owned the property for more than one year, you may deduct the fair market value of the asset without paying capital gains on the appreciation. If the asset is not put to a related use by the ministry, the deduction will be limited to your cost basis.
A corporation can deduct contributions up to 25% ( up from 10% in 2020) of the corporations taxable income. The gift can be cash, inventory, equipment or crops. Contributions other than cash may be more convenient to make. If the business authorizes the gift this year, the gift can be completed next year prior to the filling of the business tax return. If you are unemployed by a corporation, check with your employer to see if they match gifts made by their employees to approved or qualifies charities.
It is also possible to make a gift to ministry and receive and income tax charitable deduction even though you retain income fro the property you transfer. Your gift can be designed to meet your income needs and provide maximum tax benefits.
If you own stocks, bonds, real estate, or even your personal residence or a farm, and make an irrevocable agreement that the property will be available to ministry at your death, you can also receive and income tax charitable deduction.
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