There are only a few weeks left in 2025. It certainly seems like time flies these days.

While we are all looking forward to the new year, it’s not too late to take advantage of tax savings for 2025. To provide the maximum impact for you as a donor and the Rescue Outreach Mission, consider one or more of the following:

1. Donate appreciated non-cash items directly to the Rescue Outreach Mission, such as artwork, cryptocurrency, real estate, or publicly traded securities. Not only do you get to deduct the fair market value of the item, but you are also able to avoid the capital gains taxes you would see if you sold the assets.
2. Use a donor-advised fund to maximize your charitable gift. Many financial institutions offer these funds to help expand your charitable gift. Bank of America has a great video explaining how they work.
3. You can contribute directly from your IRA as a Qualified Charitable Deduction if you are 70.5 years old. I discussed QCD in detail a couple of months ago.
4. Donate Life insurance. While it is not an immediate benefit to Rescue Outreach Mission, it can help you with your 2025 taxes and your estate taxes when you pass away.
5. Name Rescue Outreach Mission as the beneficiary of your Retirement Account. This gives you a similar tax benefit as donating life insurance. It also has no implication on your current financial portfolio.
6. Donate stock directly to the Rescue Outreach Mission. If your stock has risen in value, consider using that for a deduction. For instance, if you wanted to give $5,000, you could use stock that you purchased for $1,000 and has increased in value to $5,000. You get the same tax deduction, but you do not have to pay capital gains taxes if you sell the stock and give the cash.

Remember, these suggestions are not tax advice but presented as possible considerations to maximize your gift to the Rescue Outreach mission.

Depending on your taxable income and whether you itemize or not, there are many other considerations to discuss with your tax advisor, ranging from bunching two or three years of charitable gifts, tax loss harvesting, to offsetting your tax liability on a ROTH conversion.

But a year-end charitable gift can not only benefit the Rescue Outreach Mission but also provide you with tax savings. All gifts to the Rescue Outreach Mission are tax-deductible to the full extent allowed by law.

Speak with your tax advisor, and consider a tour of the Rescue Outreach Mission. We would love to show you your contributions at work.