Year-End Tax Savings Tips for Charitable Giving
If your donation is received on or before December 31 (checks need to be postmarked by Friday, December 31), you will receive a donation receipt that may help reduce the amount of income tax you owe this year, inshaAllah.
Here are some helpful charitable giving tips and reminders . As always, please consult your tax advisors before finalizing your plans.
Please check with your employer to see if they will match your donation to ICN. This is a great opportunity to increase your donation. To take advantage of this opportunity, please contact your employer.
Don’t sell your stocks – instead, consider gifting stocks and other appreciated assets to ICN for potential savings of income and capital gains taxes. Donating your stocks directly to a charitable organization will result in a greater charitable donation and savings of taxes.
All stock transfers must also be completed by Friday, December 31 to be counted for tax purposes. The above is for informational purposes only and should not be construed as or relied upon as legal or tax advice.
Here are the details you need on ICN’s Stock Donation Account:
- Name of the organization account is opened under: ISLAMIC CENTER OF NAPERVILLE
- Name of the Financial Institution: TD AMERITRADE
- Account number for the organization at the financial institution: 493-376-575
- DTC code for the Financial Institution: 0188