The holidays are upon us, and 2024 is coming to a close. For many Americans, December is also giving season—a month to make charitable donations in the spirit of the holidays, honor loved ones and friends, and take advantage of tax deductions before the year ends.
Here, we highlight several timely giving options to take advantage of by December 31.
As always, consult with your accountant, tax preparer, or other professional about your individual financial situation.
We hope that you will consider BCRF in your charitable donation plans this year, if you haven’t already.
One in eight women in the U.S. will be diagnosed with breast cancer in their lifetime. Because of BCRF’s singular focus on research, we are able to accelerate breakthroughs, improve care, and save lives. Our discoveries have made tremendous progress in breast cancer treatment, as evidenced by the 44 percent decline in deaths from the disease since our founding in 1993. With your support, we can end this disease forever.
If you itemize your tax deductions—instead of opting to take the standard deduction—you can deduct your gifts to a 501(c)(3) nonprofit like BCRF. If you fall in this camp, be sure to donate to BCRF by December 31 and save your receipt.
There are other, non-cash options to consider in your end-of-year giving plans.
If you have a donor-advised fund (DAF), then you’ve already taken advantage of the increasingly popular investment account’s immediate tax benefits. Consider giving from your DAF this year—when charities need it most. Find information on making a grant to BCRF from your DAF here.
Donating appreciated stocks and securities is another cost-effective—and tax-friendly—way to support a nonprofit. These gifts may be eligible for a tax deduction based on their fair market value, and they can help taxpayers eliminate or reduce federal capital gains taxes owed. Learn how you can donate stocks and other securities to BCRF here.
Donors who meet the minimum age for a required minimum distribution can make qualified charitable distributions (QCDs) from their retirement accounts. Through IRA charitable rollovers, for example, donors can direct up to $105,000, tax-free, to qualified nonprofits. Read more about how to make a rollover to BCRF.
Make this the year you finally check “write a will” off your mental to-do list—or at least get the process started.
By making a charitable bequest to BCRF in your will or living trust, you ensure future funding for breast cancer research. A bequest costs nothing in your lifetime, and it can include a set dollar amount, a percentage of your assets, specific assets, or what’s left of your estate after certain asset dispositions are made.
To make estate planning a little easier, BCRF has partnered with FreeWill, a complimentary online will-writing service. If you have a complicated estate or prefer to finalize your plans with an attorney, FreeWill can also be used to create a set of wishes. Visit FreeWill.com/BCRF to get started on your will.
Please remember BCRF in your will planning. Learn More
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