Gifts That Reduce Your Taxes
Did you know?
You can make an even greater impact with WGBH and reduce your taxes at the same time! Starting January 1, 2023, taxpayers in Massachusetts can claim a state income tax deduction for charitable donations made during the taxable year. This new incentive is especially beneficial given the implementation of the “Millionaire’s Tax” which imposes an additional 4% state income tax on annual incomes over $1 million. The deduction is available for contributions that meet IRS requirements and can be claimed by both high earners and those with one-time income spikes and whether or not they itemize. Your generosity helps us continue our mission to promote educational equity, delight its audiences and inspire everyone to engage with the world around them for years to come.
You can enrich people’s lives through programs and services that educate, inspire, and entertain, fostering citizenship and culture, the joy of learning, and the power of diverse perspectives. What’s more, you can also enjoy tax benefits from these gifts now, or you can establish a future gift that will pass tax benefits along to your loved ones.
Stocks and Securities
When you give stock or securities (stock, bonds, mutual funds), you may be eligible for a double tax benefit: 1) You receive an income tax deduction for the full, present, fair market value of the assets and 2) you may completely avoid capital gains tax on the appreciation of the assets. This is one of the easiest gifts to give and one of the most useful in accomplishing your philanthropic goals.
Retirement Assets
A gift of your retirement assets, such as an employee retirement plan, IRA, or tax-sheltered annuity, is an excellent way to make a gift. A gift of these assets can shield you or your heirs from taxes while funding GBH.
Life Insurance
Transfer ownership now:
To make an impact on our mission today, irrevocably designate GBH as owner and beneficiary of an existing life insurance policy. If your policy is paid up, you will receive an immediate income tax deduction based on the policy value.
If your policy is not yet paid up, you will make contributions of cash to GBH to cover future premium payments. For any continuing premium payments you make, you will receive a charitable deduction in the year of the payment.
Name us as a beneficiary:
You can name GBH as a beneficiary of all or a portion of your life insurance policy. With this gift arrangement, GBH will receive the proceeds of your policy when you pass away. You can change your beneficiary at any time.
This gift is easy to arrange — simply request a beneficiary designation form from your plan administrator.
Personal Property
A gift of artwork, coins, antiques, or other personal property can be an excellent way to support GBH. The tax benefits of the gift depend on whether GBH can use the property in a way that is related to its mission. Contact us to learn more about this type of gift. We would be happy to help you find the option that best fits your philanthropic goals.
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