Q&A: year-end giving

Q: We have included WELS in our will. However, we are interested in making donations now. Is there any advantage to giving an offering to WELS this year?
A: Absolutely. If you itemize your deductions, you are not liable for taxes on donations to charitable organizations. A gift will produce tax savings proportionate to your situation. When you remember a charity in your will, you do not receive income tax benefits. Also, money donated now goes immediately to ministry and, if inflation is considered, will have more buying power.

Q: I do not itemize my deductions on my income tax forms. Is there any way to make a sizeable contribution to WELS and reap some tax savings?
A: Yes. By donating appreciated assets (stocks, bonds, mutual funds) you can make a larger gift for the same cost as giving cash. This is because you avoid the capital gains tax. Meanwhile, WELS receives the full value of the assets. If you’ve taken on loss on your securities, you can give the cash generated by the sale and often benefit from deducting all or a portion of the loss.

Q: At this time of year, I am flooded with appeals for outright gifts. Why is this?
A: One reason may be that the Lord has prompted you to support a wide variety of ministries over the years. Those ministries realize that, like many people, you may assess your yearly charitable giving in November to be sure you have made that year’s gifts. They simply want to gratefully illustrate the impact of your previous support and ask you to consider a special gift at this time.

Q: What should I keep in mind regarding my year-end gifts?
A: To take advantage of 2015 tax savings, gifts must be postmarked by December 31. You may want to consider a year-end gift if you received a year-end bonus or other unexpected income. Remember to reflect on the fulfillment of God’s promise to send his Son Jesus to be our Savior, as well as the blessings of the past year and how gracious God has been.

For assistance with a year-end gift, contact your local WELS Christian giving counselor.