This is my choice for:
Favorite Animal Show
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PAWS Atlanta provides love, nutrition, medical care and basic training to enrich the lives of homeless animals until permanent, safe homes can be found. Our mission is to promote responsible pet care, prevent pet overpopulation and enhance the pet-human bond. We are one the very few and oldest no-kill shelters in Georgia, offering pet adoption services, low-cost vaccinations, spay and neutering, discount health preventatives, behavioral training and education through community outreach.
Friday, November 13, 2009
Wednesday, November 11, 2009
Donating stock to PAWS Atlanta?
It’s not nearly as complicated as you may think and has the ability to save you lots of money.
The setup Two people invest $1000 in XYZ Stock, they hold it for one year and it’s now worth $2000. They both want to donate the stock to PAWS Atlanta, however, how they do it can impact the amount donated and their tax implications. Person A is going to sell the stock and then donate the proceeds, while Person B is going to donate the stock directly to PAWS Atlanta. Both of these people are in the 28% tax bracket.
Person A They have to sell the stock and will then have a realized gain of $1,000. However, taxes have to be paid on that $1,000, they’re in the 28% tax bracket so that means that they’ll have to pay $280 to the government. The end donation to PAWS Atlanta is $1,720 and that is the amount that Person A can take off their taxes at the end of the year, presuming that they itemize their charitable deductions.
Person B They will call PAWS Atlanta directly and tell us that they’d like to donate all of their shares of XYZ Stock, worth $2,000. Person B receives a taxable deduction of $2,000 (a 14% increase over Person A) and PAWS Atlanta receives a larger donation as well.
That wasn’t so difficult now was it? If your stock lost money, you’re better off selling the stock, rather than donating it outright. However, for any and all questions about selling stock as a means of donating to PAWS Atlanta please speak with your investment professional.
There are dozens of ways to donate to PAWS Atlanta and all donations are appreciated. If you have any specific questions about donating to PAWS Atlanta please call 770-593-1155, x 16.
The setup Two people invest $1000 in XYZ Stock, they hold it for one year and it’s now worth $2000. They both want to donate the stock to PAWS Atlanta, however, how they do it can impact the amount donated and their tax implications. Person A is going to sell the stock and then donate the proceeds, while Person B is going to donate the stock directly to PAWS Atlanta. Both of these people are in the 28% tax bracket.
Person A They have to sell the stock and will then have a realized gain of $1,000. However, taxes have to be paid on that $1,000, they’re in the 28% tax bracket so that means that they’ll have to pay $280 to the government. The end donation to PAWS Atlanta is $1,720 and that is the amount that Person A can take off their taxes at the end of the year, presuming that they itemize their charitable deductions.
Person B They will call PAWS Atlanta directly and tell us that they’d like to donate all of their shares of XYZ Stock, worth $2,000. Person B receives a taxable deduction of $2,000 (a 14% increase over Person A) and PAWS Atlanta receives a larger donation as well.
That wasn’t so difficult now was it? If your stock lost money, you’re better off selling the stock, rather than donating it outright. However, for any and all questions about selling stock as a means of donating to PAWS Atlanta please speak with your investment professional.
There are dozens of ways to donate to PAWS Atlanta and all donations are appreciated. If you have any specific questions about donating to PAWS Atlanta please call 770-593-1155, x 16.
Friday, November 6, 2009
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