Gifts that Reduce Your Taxes

Creating a better world through storytelling can be rewarding in many ways. There are many ways to make an impact with ISC while also reducing your tax burden. If you have assets other than cash to give – for example, stocks that have increased in value, savings bonds that have matured, or a life insurance policy you no longer need – you may be better off donating those assets instead of cash.  

You can use stocks, bonds, and mutual funds that have grown in value to make your impact with ISC.

Potential benefits:

  • You may receive a charitable income tax deduction for the full market value of what you give (up to a maximum percentage of your adjusted gross income as dictated by tax law);
  • You could possibly avoid paying the capital gains tax on any increase in the value of the stock you give.

When you redeem savings bonds, you or the person you leave your bonds to will owe income tax on the gains.

Potential benefits:

  • You might eliminate the income tax on bonds you own that have stopped earning interest and that you plan to redeem;
  • You may receive a charitable income tax deduction for the full market value of what you give (up to a maximum percentage of your adjusted gross income as dictated by tax law);
  • You could possibly avoid paying the capital gains tax on any increase in the value of the bonds you give.

Do you have a life insurance policy that has outlasted its original purpose? You can use it (or a percentage of it) to reduce your taxes and create a gift for ISC.

Potential benefits:

  • You could potentially reduce your income taxes;
  • You might possibly receive additional tax deductions if you make annual gifts so ISC would be able to continue to pay the premiums;
  • You can see firsthand how your gift supports our work if ISC cashes in the policy;
  • You can create your legacy. If ISC retains the policy to maturity, or you name it as a beneficiary, once the policy matures, the proceeds of your policy will be paid to ISC.

Income for life for you and your family while reducing your taxes and launching remarkable stories into our world.

By using assets or cash to fund the trust, you receive income and you receive an income tax credit the year in which you transfer your assets. The remaining portion of the trust, after all payments have been made, comes to ISC.

Benefits to you include each of the following:

  • Receive income for life for you or your heirs
  • Receive a charitable income tax credit for the charitable portion of the trust
  • Create your legacy 

Questions?

Ben Weakley 

Director of Development

ben@storytellingcenter.net

800.952.8392