Lower Your Taxes and Increase Your Income
Posted in Uncategorized on April 15th, 2009 by Plant Talk – Be the first to commentHow? With a Gift Annuity to the Garden
Paul Parvis is Manager of Planned Giving.
Taxes need not be so— taxing.
The key is to plan ahead. My wife and I managed another year of preparing our tax returns, and we did so by revisiting our financial strategies soon after completing our taxes at this time last year. We kept thinking of five criteria: earnings, tax withholdings, deferred retirement savings amount, charitable giving, and lastly, what we owed! Increasing our retirement savings and charitable giving last year significantly reduced the tax amount due this year.
Enter the gift annuity—the gift that gives twice.
With a gift annuity, you irrevocably transfer cash or stock in exchange for an immediate tax deduction and guaranteed annual payments for life. For a cash transfer of $10,000, for example, a 65-year-old person would receive $530 per year of which $351 would be exempt from personal income tax for an effective rate of 7.3 percent.
To learn more about gift annuities… read more »