Leveraging Your Gift to WEV
Considering the tax advantages when donating
What inspires you to support WEV's mission?
In my role as a career counselor at UCSB many years ago, when I asked a student what she hoped for her future: "I want to own my own business" was frequently the response. WEV has helped thousands of men and women fulfill that goal of owning a business by coaching business planning, marketing strategies, financial stability, and more.
How have you been involved with WEV over the years?
I served on the Founding Board of WEV for many years and have been an active volunteer and donor throughout WEV's history. For a number of years I instructed WEV classes regarding financial issues related to business ownership.
How do you give to WEV?
The two tax advantaged strategies I use to donate to WEV annually are:
- Qualified Charitable Distribution. Because I am over the age of 70 1/2, I can ask my broker to directly distribute all or a portion of my IRA Required Minimum Distribution to WEV. In that way I am honoring my charitable commitment while avoiding having to pay income tax on that distribution. A win-win!
- Appreciated Stock. Another powerful tax saving strategy is through the gift of highly appreciated stock. If you are fortunate enough to own stock that you inherited or that you purchased long ago at a very low price, you can donate shares to WEV. You would otherwise have to pay capital gains tax on the price appreciation were you to sell the stock. But if you donate actual shares of stock to WEV, you not only avoid all tax on the appreciation, but also are able to use the income tax deduction for charitable contributions. That seems like a three way win: WEV gets the contribution, you avoid capital gains tax and are able to use the charitable contribution deduction on your income tax return!! Call WEV for instructions!
