Charitable Donations – How to donate more to your Columbia MO cause and less to the tax man

Most charitable donations are managed through cutting a check to worthy Columbia, MO causes like The Food Bank for Central & Northeast Missouri and the Heart of Missouri United Way. But, did you know if you donate appreciated assets, like stocks, you might be able to avoid some personal taxes and produce a larger gift for the charity?

It’s common knowledge that selling high performing stocks produces capital gains tax – taxed at preferred long-term rates if held longer than one year or as ordinary income if held for one year or less. But, imagine if you donate the stock instead of cashing it out. If done correctly, you can avoid the taxes, take a charitable deduction for the full market value of the stocks, and provide a larger gift to your non-profit organization than what otherwise may have been feasible.

We’ve covered some details about this financial move in a recent Columbia Tribune article. Please check it out.

As a financial planner specializing in comprehensive financial planning, Tim enjoys helping clients in Columbia, MO with charitable donation strategies and other financial issues.

If you would like to learn more about this and other personal topics serviced by financial planners please contact us at 573-447-7007. Clarity Financial, LLC is a fee-only financial advisory firm in Columbia, MO. Appointments are welcome and initial consultations are free.

Certified Financial Planner™ professional

Member of the Alliance of Comprehensive Planners

Member of the National Association of Personal Financial Advisors

Enrolled Agent designation from the IRS

This article is the property of Clarity Financial LLC.