Crazy Money! – Taxes and Charitable Giving
It’s Crazy Money Day!
The federal government expects to collect about $4 trillion in taxes this year with nearly half of it collected through individual income taxes. That’s crazy money! The apostle Paul said in his letter to the Romans that everyone is subject to the governing authorities. They’ve been instituted by God. Because of this, we pay taxes, for the authorities are ministers of God, attending to this very thing. Paul instructed them to pay to all what’s owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed. (Romans 13:1-7) If God’s Word says to pay taxes, then we trust and obey. Thankfully, charitable giving can reduce the taxes you owe if you itemize.
There are several ways to make your giving go farther this year. First is the gift of stocks, bonds, and mutual funds. These are growing in popularity because donors can claim the fair market value as an itemized deduction. If they’ve appreciated over time it’s a win-win for donors and charities. Second is bunching or concentrating deductions in one year then skipping one or several future years. Third, establish a donor-advised fund. I recommend The National Christian Foundation. Donors make a contribution and receive an immediate tax deduction, while contributing to charities over time through the fund. The benefit at this point in time is that you get the deduction and you have time to pray about where to give your support. So don’t miss out. It’s the final day to give this year.
In fact, your gift today to Crown will be doubled through our Matching Challenge, and you can receive my new book as a thank you for your generosity! You can give by calling 800-722-1976 or online at crown.org.