Bess Irene Osborn Waite Cancer Foundation
Bess Irene Osborn Waite Cancer Foundation - Stop Cancer - take one step closer to finding a cure.
Stop Cancer now - find a dna cure for our children
Contribute to the "Bess Cancer Foundation" Cash Gifts
The simplest way to make a gift to the Foundation is to write a check, which should be made payable to the "Myositis Foundation". If you itemize deductions on your tax return, you typically may deduct the full value of your gift up to fifty percent of your adjusted gross income in the year of the gift. This deduction could save you taxes, substantially reducing the cost of your gift to the Foundation.
Choose your foundation and Mail your check to:
The Bess Cancer Foundation
/>A receipt will be promptly mailed to you. Soon, we will be able to accept donations online.
Gifts of Stock, Bonds, Mutual Funds
The Foundation accepts gifts of stock, mutual funds, and bonds. Donors who contribute long-term appreciated securities to the Foundation get a double benefit as they save capital gains taxes.
Gifts of appreciated securities are deductible at their fair market value if they have been held for more than a year. The fair market value is the mean between the stock’s high and low trades on the date of the gift. The capital gains tax on the stock's appreciation (the difference between its cost basis and its present market value) is completely avoided. The fair market value of donated securities can be deducted up to 30% of the donor's adjusted gross income (AGI), with a five-year carry-forward, if required. Stock can be transferred electronically or by stock power. Please contact us for more information.
Mrs.Smith usually gives $5,000 annually to the Foundation. She owns stock in XYZ Corporation that is now worth $5,000. She bought the stock years ago for $200.
Mrs. Smith decides that this year, instead of writing a check to the Foundation, she will contribute the stock. Her gift, which is worth $5,000, will actually only cost her $200 to make. Because Mrs. Smith likes this stock she chooses to use her savings to buy new shares at a higher cost basis thereby minimizing any future capital gains tax.
Mrs. Smith has made a $5,000 gift to the Foundation, which, in her tax bracket, will give her a deduction worth $1,550. She has also avoided $960 in capital gains taxes and now owns the same stock at a stepped-up cost basis.
It is usually inadvisable to make a charitable gift of appreciated securities when your capital gain is short term (i.e., you have owned the securities 12 months or less). Such a gift is deductible only in the amount of its cost basis--not its market value.
In general, it is not advisable to donate securities that are currently worth less than you paid for them. If the sale of stocks or bonds would result in a tax deductible loss, it is usually to your advantage to sell them to establish a tax loss and then donate the proceeds to the Foundation.
Why is this? Say you purchased stock costing $10,000, now valued at only $1,000. If you sell the stock and donate the amount of $1,000, you can take a tax loss deduction (a tax write off) of the $9,000 you lost.
$3,000 of this loss can be used to offset any kind of taxable income in a given year, the balance can offset capital gains, and any left over losses can be carried forward forever. Not only does the charitable recipient take this money tax-free, but the donor also receives a $1,000 charitable tax deduction in addition to the $9,000 capital loss deduction.
On the other hand, if you donate that same $1,000 worth of stock, you forfeit the $9,000 write off.
Is my gift tax deductible?
Yes. Because the Foundation is qualified as a tax-exempted organization under section 501(c)(3) of the IRS Code, all gifts are tax deductible.
Do I need a receipt to claim a tax deduction?
It depends on the amount of your gift. Typically, any gift of $249.99 or less does not need a receipt. (The Foundation will still issue you a receipt, but the IRS does not require it.)
For a single gift of $250 or more, you are required to have a receipt to substantiate your claim.
If you make a quid pro quo contribution — that is, when you receive goods or services in exchange for a portion of your gift — the Foundation is required to issue you a receipt specifying the amount of the contribution and the goods and/or services received. For example, if you attend a benefit dinner and your charitable contribution includes the cost of the dinner, then that cost must be subtracted from your charitable deduction.
Does the receipt have to be a physical note?
No. An electronic receipt is just as acceptable as a letter or postcard.
When will I receive my receipt from the Foundation?
Receipts are issued as quickly as possible as gifts come in. Most receipts — even those for gifts made on December 31 — are issued by the end of January to help donors prepare for their taxes. If you make an end-of-year gift and do not receive your receipt by early February, contact the Foundation. If you are making a donation online, an electronic receipt is provided, which can also be printed out.
Do I need to send the receipt to the IRS?
No. Just keep your receipt in a file to support your claim (in case you are audited). The statute of limitations for the IRS is three years, so retain the receipt for at least that long. Depending on what type of contribution you make, you may want to keep it longer. Consult your tax adviser for details.
Where on my federal tax return can I deduct contributions to the Foundation?
Most gifts can be claimed on Form 1040, Schedule A, Itemized Deductions, under the section Gifts to Charity (lines 15-18). (View the Schedule A form as a PDF file.) These gifts include cash and non-cash contributions.
Please note that you will need to itemize your return (and not take the standard deduction) in order to take a deduction for charitable gifts.
If you have a non-cash gift over $500, use Form 8283, Non-Cash Charitable Contributions. (View Form 8283 as a PDF file.)
What is the last date at which I can make a contribution to count for this tax year?
It depends on your gift. If you're contributing by credit card at the Foundation's online giving page, you have until midnight, December 31. Your credit card must be charged in the same tax year that you want to claim a deduction.
If you are mailing your check, the postmark (and not just the check) must be dated prior to December 31 to qualify for a deduction that year.
Because of their complexity, securities gifts are best made several weeks prior to December 31.
As always, if you have any particular questions regarding charitable gifts, please consult your tax advisor.
http://besscancer.com, a Dexter Foundation 2010
contribute $50 receipt Mystic River Bridge CT original Dexter photograph poster
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