This giving option can help you: give a larger gift, reduce all income taxes (including state & local)
This giving option can help EMM: now
This option can gain tax benefits: current year
What are commodities?
Commodities are any unprocessed or partially processed goods, such as grains, fruits, vegetables, or precious metals.
Eastern Mennonite Missions accepts gifts in many forms – some which offer you special tax savings. For example, a gift may reduce your adjusted gross income, reducing income tax and social security taxes (if you are self-employed).
You may give commodities to Eastern Mennonite Missions, thereby reducing your adjusted gross income and allowing you to give more. You may use such gifts to save on taxes in the current year, and you may use commodities to fund flexible deferred charitable gift annuities – allowing you to obtain a fixed income later in life as the annuity grows.
AT A GLANCE: benefits and drawbacks for donor
|Donor does not recognize income, lowering taxable income.||No charitable deduction given, but adjusted gross income (AGI) is less.|
|Donor does not pay income tax on value of commodity gift.||Social security benefit is less at retirement.|
|Donor does not pay social security tax on commodity gift. (Double savings if self-employed.)|
|Donor can give more without hassle.|
For more information, contact Joe Hollinger.