Year-end Giving can Lower Taxes and Raise Mono Lake
As 1996 comes to a close, we hope you will consider taking advantage of potential tax savings by making a special year-end donation to the Mono Lake Committee. Your generous gift will benefit Mono Lake and can help you save on taxes.
Remember, the Mono Lake Committee received 501(c)(3) tax status from the Internal Revenue Service last year. This means:
- All donations to the Committee are tax-deductible to the full extent of the law;
- You can always write your check to "Mono Lake Committee."
- Your donation supports all the Committee's outstanding programs.
And don't forget: to affect your 1996 taxes, your gift must be made by midnight on December 31, 1996.
As you prepare to file your 1996 taxes, you might want to consider the role that a year-end donation of cash, securities, or other assets could play in your plans. A year-end gift may create substantial tax savings for you next spring, particularly if you itemize deductions.
Gifts of appreciated assets, such as stocks, bonds, and mutual funds also are popular, and the Committee is now able to accept such donations directly. By contributing appreciated assets that you have owned for more than a year ("long term"), you may be able to reduce capital gains tax that would be due if you simply sold the assets.
Many members also take time to review their overall estate plans at the year's end. When reviewing wills or living trusts, people often choose to include charitable dispositions. There are many ways to arrange meaningful gifts as part of these plans, and we'd be happy to discuss individual arrangements with you.
In short, there are numerous opportunities for you to receive tax savings by making a year-end gift to the Mono Lake Committee. As always, it is important to ask your professional advisor about the methods of giving that will offer you the greatest benefit. The Committee is happy to work with you and your advisor to craft a personalized plan.
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