March is the time of year when we sit in confusion staring at federal and state tax returns. Maybe you’re more organized, but I seem to be forever searching for the bits of information, wondering, “Did the bank send a 1099 for that savings account? And how much did we pay for property tax?”
More than once in the last couple of weeks, I’ve said to my wife, “You had that form we got in the mail in January.” And her kind reply is, “No you had it. You were going to put it in….”
“Oh that’s right. Thanks for reminding me.” No wonder we all go a little crazy and feel a little queasy wondering if we’ve captured it all.
I’m here to encourage you that there can be peace and control in this annual storm—at least for parts of it.
Stewardship Answers
Certain estate and gift planning provisions will sunset at the end of December 2025. So far in
the first 100 days, the new administration is making progress on many fronts to address the most pressing issues like securing the border and reviewing government priorities in spending. We’ll all have to wait and watch the progress on tax law updates needed by the end of this year. While we wait, we can still exercise our control through these perennially proven tools.
Appreciated Asset Gifts
Giving an appreciated asset like stock or a portion of real estate instead of cash is tax-wise. The cash in a checking account has been taxed while the appreciated value in stock or mutual fund shares has not. Perhaps you’re selling a vacation property or wanting to rebalance your portfolio. This can help in that process, too. Call to find out how easy options can be while helping yourself steward next year’s tax bill.
RMD Gifts
For 2025, lessen your taxes by giving the Required Minimum Distribution (RMD) to charity rather than receiving it as taxable income. Simply ask your IRA custodian to pay some or all of the RMD directly to Back to the Bible, your church or other ministries you care about. You advance powerful ministry while avoiding the RMD as taxable income.
Charitable IRA Rollover Gifts
Perhaps the Lord is tugging at your heart about a special ministry project you’d like to be a part of. Making larger gifts to a ministry is possible. For example, the Charitable IRA Rollover allows up to $100,000 to be given from tax-deferred retirement in a calendar year—all while helping you avoid recognition of the distributions as taxable income now.
Pay On Death Beneficiary Gifts
While it is more of an estate planning tool, remembering it is possible f its here, too. Back to the Bible is thankful to have been remembered by several partners lately as a “pay on death beneficiary” on retirement accounts. All of the funds were available for the individual’s needs during life; however, when God called them Home, some or all of the balance of the account went to charity. And here’s the bonus—these assets would carry income tax to any loved ones, but Back to the Bible doesn’t lose a penny to the IRS. They each made the right asset do the right job in their planning.
Please call 402-464-7200 with your questions about these options, or see the reply form. I would be glad to answer your questions and help you learn—without pressure or obligation.
PS: Be sure to check out all of the great Bible teaching content at www.backtothebible.org or, from your mobile device, click this link GOtandem.