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April marks the emergence of spring, the start of baseball season and the close of tax season for many of us. This is also a good time to consider ways to make next year’s tax season more advantageous. The federal government and the State of Colorado offer different ways to plan your charitable giving to make the most of strategies to lower your tax burden. With early planning, these strategies can help you increase your giving at little or no cost to you. Here are some ideas:

Colorado State Tax Credits. Let us know that you would like your gift certified for either the Colorado Childcare Tax Credit (50% of the gift amount) or the Homeless Contribution Tax Credit (HCTC; 25% of the gift amount for gifts over $500). Either credit directly reduces your Colorado State tax liability.

Consider setting up a monthly gift to the Colorado Coalition for the Homeless. If you are a cash donor, spreading your donation over multiple months can lessen the impact of your gift on your checkbook. Doing so also helps the Coalition cash flow, making funds available throughout the year as they are needed to provide services. Your monthly donations can also qualify for the State tax credits mentioned above.

Gifts of Stock. You may own stock in your investments that have appreciated significantly and would trigger capital gains taxes if sold. You can donate this appreciated stock to the Coalition and create a tax deduction for the full current market value of the stock. The HCTC is also available on gifts of appreciated stock valued more than $5,000, making this an attractive way to create multiple tax benefits from your gift.

Qualified Charitable Distributions (QCDs). For donors aged 72 ½ and older, you can direct your IRA custodian to send a gift directly from your IRA to the Coalition. This gift amount will count toward your Required Minimum Distribution without adding to your income. Moreover, QCD gifts also qualify for Colorado State tax credits, making this another strategy that can compound your tax benefits.

With homelessness and housing instability in metro Denver at record high levels, there hasn’t been a more important time to invest in homes, health, and hope for our vulnerable neighbors. We deeply appreciate the support of our generous donors, all amounts and forms of support, and are pleased to work with you to recommend these strategies to help our donors do well by doing good. Thank you!

If you have questions on how these strategies might benefit you, contact us at (303) 312-9634 or giving@coloradocoalition.org.

Tax Wise Giving Helps You and Helps Address Homelessness

April marks the emergence of spring, the start of baseball season and the close of tax season for many of us. This is also a good time to consider ways to make next year’s tax season more advantageous. The federal government and the State of Colorado offer different ways to plan your charitable giving to make the most of strategies to lower your tax burden. With early planning, these strategies can help you increase your giving at little or no cost to you. Here are some ideas:

Colorado State Tax Credits. Let us know that you would like your gift certified for either the Colorado Childcare Tax Credit (50% of the gift amount) or the Homeless Contribution Tax Credit (HCTC; 25% of the gift amount for gifts over $500). Either credit directly reduces your Colorado State tax liability.

Consider setting up a monthly gift to the Colorado Coalition for the Homeless. If you are a cash donor, spreading your donation over multiple months can lessen the impact of your gift on your checkbook. Doing so also helps the Coalition cash flow, making funds available throughout the year as they are needed to provide services. Your monthly donations can also qualify for the State tax credits mentioned above.

Gifts of Stock. You may own stock in your investments that have appreciated significantly and would trigger capital gains taxes if sold. You can donate this appreciated stock to the Coalition and create a tax deduction for the full current market value of the stock. The HCTC is also available on gifts of appreciated stock valued more than $5,000, making this an attractive way to create multiple tax benefits from your gift.

Qualified Charitable Distributions (QCDs). For donors aged 72 ½ and older, you can direct your IRA custodian to send a gift directly from your IRA to the Coalition. This gift amount will count toward your Required Minimum Distribution without adding to your income. Moreover, QCD gifts also qualify for Colorado State tax credits, making this another strategy that can compound your tax benefits.

With homelessness and housing instability in metro Denver at record high levels, there hasn’t been a more important time to invest in homes, health, and hope for our vulnerable neighbors. We deeply appreciate the support of our generous donors, all amounts and forms of support, and are pleased to work with you to recommend these strategies to help our donors do well by doing good. Thank you!

If you have questions on how these strategies might benefit you, contact us at (303) 312-9634 or giving@coloradocoalition.org.