Dear Tax Man – I’m Good
By Rich Garrett,, Senior Philanthropic Advisor
and Director of Gift Planning, QC Community Foundation
This spring, we all lost an hour of sleep when our annual 23-hour day arrived, and we moved our clocks forward. Two competing thoughts always cross my mind when resetting the clocks. The first is that winter is over—yay! The second is that it’s time to organize last year’s details and prepare for taxes.
Here’s a timely idea as you plan for 2026: if you intend to give to charities during your lifetime or through your estate, consider making a completed gift now using a Charitable Gift Annuity. It remains one of the most tax-efficient strategies available today and offers a range of meaningful benefits. For example:
- Avoid much of the capital gains tax when using appreciated stocks or assets
- Secure a lifetime income stream
- Receive a current-year income tax deduction using non-IRA assets
- Potentially satisfy your annual RMD with no federal taxes due (according to the terms established by the Secure Act)
- Establish future support for the charities you care about most
The IRS currently allows these advantages, but tax rules can change at any time, especially when additional revenue is needed. Rather than assuming these opportunities will remain available, it may be wise to act while they are still in place. Choosing the right charitable giving and tax planning tools can simplify the process and often lead to better outcomes.
Consider scheduling a visit with your local community foundation and trusted advisors to identify the tools that best align with your giving goals, tax strategy, and plans for 2026 and beyond. Take advantage of today’s opportunities so when tax season rolls around again, you’ll be ready to say, “I’m good.”