12/10/15- Act before December 31 to Maximize your Tax Savings!

By | 2015-12-10T18:49:34+00:00 December 10th, 2015|E-News Articles|0 Comments

Reduce your tax liability, while you increase your rewards, by donating your appreciated stocks to CIOGC. If you have held the stock for more than a year and itemize your deductions, here are your two options for donations, assuming 100 shares of stock.

 

Option 1:
Sell stock and donate net proceeds
to CIOGC

Option 2:
Donate stock to directly
 to CIOGC

Current fair market value of securities

100 shares × $100 per share = $10,000

100 shares × $100 per share = $10,000

Long-term capital gains tax paid or avoided1

$1,425 paid

$1,425 avoided

Amount donated to charity (cash or value of stock)

$8,575

$10,000

Personal income tax savings2 (0.28 × amount donated to charity)

$2,401

$2,800

1 Assumes cost basis of $500, that the investment has been held for more than a year, and that all realized gains are subject to a 15% long-term capital gains tax rate. 
2 Assumes donor is in the 28% federal income tax bracket, and does not take into account any state or local taxes.

So take advantage of this win-win opportunity and donate your appreciated stocks to CIOGC.
You can do this by filling out the Account Transfer Form and submit to your stock trader.

If you don’t own any appreciated stocks, you can still save on your taxes by making your tax-deductible cash contribution to CIOGC.
You may do it online or mail a check to our office at:

231 South State Street, Suite 300.
Chicago, IL 60604

Hurry and donate before December 31 to take advantage of these tax savings for 2015! Please consult your tax advisor.
 

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