What follows is a summary of a number of ways to make gifts that yield immediate benefits to Washington International School.
Gifts are tax deductible to the extent of the law.
If you itemize deductions on your IRS income tax return in the U.S.A., your gift can be exempt from federal income tax. Your savings depend on your tax bracket, your other deductions, and other factors. Generally speaking the higher your tax bracket, the greater your tax savings. Gifts too large to be deductible in the year of your gift can be carried over to as many as five future tax years. When you give appropriate property you have owned longer than one year, you are entitled to an income tax deduction for the full value of the asset, not just the amount you paid for it.