There are many ways to financially support the effort for a Peace Tax Fund without writing a check. Through planned giving, you can both support this cause and reduce your tax liability. Such gifts can make a big difference in years when other funding sources run low. Please consider the following ways to contribute, and contact Executive Director Jack Payden-Travers if you are interested: Jack **at** peacetaxfund **dot** org, 202–483–3751 (Washington, D.C.), or 888–PEACETAX (tax-free).
Include Us in Your Will
No matter your age or the size of your estate, it is a good idea to have a valid will. By writing the NCPTF or Peace Tax Foundation into your will, you help to ensure that the voice of conscience will be heard for years to come. A bequest to the Peace Tax Foundation counts as a charitable contribution for your estate. A bequest to the NCPTF greatly helps our advocacy efforts, but does not count as a charitable contribution. We welcome bequests of any amount!
Put Us in Your IRA
It is often advantageous to set up your IRAs with the beneficiary being a non-profit 501(c)(3) organization like the Peace Tax Foundation. Whereas distributions from your estate are often not taxable, distributions in the from of IRAs count as taxable income for the recipients. (This is the case for all IRAs with the exception of the Roth IRA, which is not taxable upon distribution.) For a regular, SIMPLE or SEP IRA, the beneficiary will owe income taxes on the entirety of the IRA the year she inherits it. If the IRA is large, or if the beneficiary is earning additional income, the IRA can put her into a higher tax bracket and she may end up paying a large percentage in income tax. (The exception to this rule is that spouses can roll over inherited IRAs into their own IRAs, thus being able to spread out the distribution—and income tax—over time.)
To summarize: If you have a choice of leaving money or an IRA to your children, you can lower their tax liability by leaving them the money and donating your IRA to the Peace Tax Foundation.
Except when it involves your principal residence, any increase in property value is treated as taxable income at the time you sell the property. But if you donate a second home or other investment property to a charitable organization, you can avoid paying income tax on the increase in value. As with stock gifts, you can then lower your income tax even more by deducting the total value of the property from your gross adjusted income. It is also possible to donate your principal residence to a charitable organization, with the agreement that you may continue to live there as long as you want to do so. In this case you can still take a deduction, but because you retain an interest in the house as a resident, the entire value is not tax-deductible.
These are just some of the ways you can make the most of your charitable contributions to the Peace Tax Foundation.
In all cases, you should consult your tax or estate advisor about how this would work for you. If you are considering
any of these options, please contact Executive Director Jack Payden-Travers: Jack **at** peacetaxfund **dot** org,
202–483–3751 (Washington, D.C.), or 888–PEACETAX (tax-free).