A year-end gift to American ORT reduces your income taxes and helps us improve the lives of our 262,000 students around the world. Your tax bracket determines how much you save in taxes. If you pay state or city income tax, you save even more in taxes. Your gift is deductible on this year's return as long as you drop it in a mailbox by December 31 and itemize your deductions. It may be possible for you to double your cash gifts at no cost to you.
Many employers match their employees' charitable gifts.
Check to see if this applies to you. Further, your income tax deduction is based on the stock's full fair market value at the time of the gift rather than your lower purchase price. If you own stock that's worth less now than when you bought it, it's better to sell it and make a deductible gift of the cash proceeds. That allows you to realize a loss that you may be able to deduct from your other taxable income. You're entitled to additional tax deductions if you continue paying premiums on a policy after the gift.