4 Tax-Savvy Ways to Support HSLC before Year End

With the end of the year in sight, many people are looking for ways to combine their desire to help the causes they believe in with their desire to save on taxes. Here are four options to consider that can help you make the most of your giving this year.

Donate an Auto or Real Estate

If you have a vehicle or piece of property you want to unload, consider donating it to the Humane Society of Loudoun County (HSLC) for what could be a significant tax deduction. We offer free pick-up for donated vehicles of all types—cars, trucks, boats, and even ATVs.  Our real estate program takes any property type (land, homes, commercial) in any location so long as there is equity.

Donor Advised Fund (DAF)

A Donor Advised Fund (DAF) is like a charitable investment account, for the sole purpose of supporting charitable organizations like the Humane Society of Loudoun County. DAFs are the fastest-growing charitable giving vehicle in the United States because they are one of the easiest and most tax-advantageous ways to donate. DAFDirect, a widget available on our website, enables you to recommend grants to HSLC directly from your DAF.

Give from your IRA

Qualified Charitable Distributions, or QCDs, are designed for supporters who want to make a charitable donation directly from their IRA to charities like HSLC.  While there is no charitable deduction for making a charitable contribution using a QCD, the IRA distribution used to make the contribution is not subject to taxes. In 2024, the minimum age for QCDs is 70 ½ and the annual limit is $105,000. You may also consider designating HSLC as a beneficiary of your IRA.

Fund a Charitable Gift Annuity

Consider converting appreciated assets to a charitable gift annuity, which will provide you with reliable payments for life while supporting HSLC’s work. You will also receive payments that are partially tax-free and receive favorable capital gains tax treatment.

Note: HSLC does not give tax advice to individuals.  Please consult your professional tax advisor on how the above options might affect you specifically.