Join the Trend of Tax-Savvy Giving

It’s almost the end of the year! Maximize your generosity and tax benefits by using tax-smart giving. We asked Working Wardrobes ’ Jerri Rosen Legacy Committee members to share their favorite tax-smart giving solutions.

The below is not intended as legal or financial advice. Please discuss with your accountant, financial advisor, or attorney to ensure your donation not only benefits the charity, but also you.

“When making significant gifts to Working Wardrobes, why not get two tax advantages rather than one? Instead of gifting cash, consider donating highly appreciated stock or securities to the organization and then replacing the gifted securities with the cash you would have donated. You will avoid tax on the appreciation (capital gains), and the gift will qualify for a charitable deduction for the value of the donated securities*. Your investment portfolio will end up with the same holdings but with less unrealized gain due to the gift*. And gifting the securities to your own Donor Advised Fund (DAF) will earn these same tax benefits* with the advantage of creating a pool of charitable dollars that can be granted in any amounts when you are ready. Very convenient way to fund your overall annual giving from one donation of securities.” – Richard J. Ward, CFP®

“A donor-advised fund (DAF) is a great way to give back to your favorite charities while also saving on taxes. When you contribute to a DAF, you receive an immediate tax deduction for the full amount of your gift, up to certain gross income tax limits. You can then recommend grants from your DAF to charities over time, giving you more control over how your gifts are used. DAFs are also very flexible, as you can gift non-cash assets to them as well, such as stocks, bonds, or private business interests. And because a DAF is a public charity, your assets are typically invested safely and responsibly by qualified professionals. If you are looking for an easy, tax-efficient way to give back to your community and save on income taxes, a DAF is a great option.” – Nicholas Kmetz, Esq., Albrecht & Barney

“When people think about giving back and helping a charity, often the first things that come to mind are donating cash or volunteering their time. These are great ways to give, but they are not the only options. You can also donate non-cash assets. If you are familiar with Working Wardrobes, you are aware of how they utilize donations of clothing to help those in the community find and keep gainful employment. In addition to clothing, you can also donate items such as cars, artwork, and real estate. Be sure to obtain a written receipt from the charity for such donations to qualify for potential income tax savings. For larger donations of non-cash assets there are additional requirements to give proof of your donation to receive the full charitable deduction.” – Haley Gorman, Esq., Albrecht & Barney

At Working Wardrobes, we know that the road to employment, empowerment, and dignity can be challenging, but with your continued support and this new way of giving, we can overcome those challenges together.

Join us in this different kind of giving, and let’s continue our journey toward creating a world where every individual has the opportunity to secure meaningful employment and build a brighter, more hopeful future. Together, we can make a lasting difference in the lives of those we serve.

If you have any questions, email DevelopmentTeam@WorkingWardrobes.org.