Fulfilling one’s desire to give a gift to the Church that offers financial support to its activities is often accomplished through gifts of cash. In fact, most United States citizens who give to charitable or religious organizations simply write checks or charge gifts to credit cards. Cash gifts have many advantages, including the fact that they are immediately available for the Church’s work, or may be used to establish planned gifts with the Church.
Benefits extend beyond the immediate joy of knowing that a gift of cash supports the world-wide activities of the Church. In the United States, if an individual itemizes deductions on their federal tax return, there may be additional tax benefits.
- Tax savings are not the reason individuals make gifts to The Mother Church, but due to the potential tax benefits, it may be that both the Church and the individual are benefited by the individual’s gift.
- Every dollar given in support of The First Church of Christ, Scientist is tax deductible, if one itemizes his or her deductions. In effect, this means that a gift of $1,000 this year, after itemizing and taking the charitable tax deduction, actually “cost” the individual only $670 if that individual is in the 33% tax bracket (see the table below).
- The maximum deduction allowable for gifts of cash is limited to 50% of one’s adjusted gross income. Any amount given in excess of this limitation can be carried over and deducted in the year of the gift, and for up to five subsequent years.
- In the United States, many states allow state income tax charitable deductions that can make charitable gifts even more economical.
The following table illustrates how itemizing a charitable gift to take advantage of the allowable charitable tax deduction may be a benefit to the contributor:
After-Tax "Cost" of a Gift
If Amount: Your Income Tax Bracket Is:
Retirement accounts, such as 401(k) plans, 403(b) plans and Individual Retirement Accounts (IRAs), are generally viewed as the better assets to leave through an estate plan to charitable organizations.
If you are interested in making a gift by check, credit card or electronic transfer, please e-mail, call or write our office.