SAINTS PETER & PAUL CATHOLIC SCHOOL
A MERRY CHRISTMAS
WHILE SAVING ON TAXES
This fall we have been focusing on stewardship and examining our lives to make sure we are wisely using the gifts, talents, and abilities which our Creator has blessed us with. Matthew's Gospel last Sunday recounted the Parable of the Talents and clearly illustrated that our Lord wants us to use our blessings to benefit the Church, and its members, if we someday want to hear him greet us by saying "Well done, good and faithful servant."
Beginning with Thanksgiving and running through Christmas, we are in a wonderful time of the year when our focus is on family, our blessings, and a desire to make those we love happy. However, in early January before we even take our tree and outdoor lights down, our mailbox will soon provide us with clear and constant reminders that tax season is upon us and Uncle Sam is beckoning for his fair share.
So much for warm fuzzy feelings.
What if you could have the best of both worlds? Share your gifts with those institutions and ministries which are important to you and also save on taxes.
Now you can and here are two ways to do so.
IRA Charitable Rollover
First, you can take advantage of the opportunity to make a difference with a tax-free gift from your IRA to Saints Peter and Paul Catholic School by December 31. If you're 70 ½ years or older, you can contribute up to $100,000 directly from your IRA to Saints Peter and Paul Catholic School without including the amount in gross income.
A second option for making a big impact is by donating appreciated stocks. If you have held stocks for more than one year that have increased in value, you'll avoid capital gains taxes by gifting all, or a portion, of the stock to Saints Peter and Paul Catholic School.
Should you be seriously considering a gift of stock, please contact your tax professional regarding the tax s
avings prior to contacting Saints
Peter and Paul Catholic School for transfer
instructions. This gift, too, must be completed by December 31.