Smarter ways to give: Top tax tips

Professor Russell James, JD, PhD, CFP

In September 2022, Professor Russell James, JD, PhD, CFP,® Director of Graduate Studies in Charitable Financial Planning at Texas Tech University, joined Dana-Farber Cancer Institute and the Jimmy Fund for an event that gave donors the latest tips to make the most of their giving in 2022 and beyond. Below are three of his tax-wise strategies for making the biggest impact with your charitable giving.

  • Donate appreciated non-cash assets, such as stock and real estate or cash from IRAs and other qualified retirement accounts. When you give them directly to Dana-Faber you can avoid the capital gains taxes or income taxes you would otherwise have to pay.
  • If you’re age 70.5 or older and have an IRA, you can make a donation directly from your IRA. If you are 72 or older these gifts can also satisfy the minimum distribution the IRS requires you to withdraw. Making a gift straight from your IRA to Dana-Farber means the money is not taxable income, which creates tax savings for you and more support for Dana-Farber.
  • A gift through your will or trust is a flexible gift option that can be revised at any time and can be made as a specific amount or a percentage of your estate. In addition, your gift entitles your estate to an unlimited federal estate tax charitable deduction.

Want to hear more smart ways to give? Check out the recording of the webinar with Dr. James.

Support Dana-Farber’s efforts by joining The Dana-Farber Campaign, our ambitious, multi-year fundraising effort to prevent, treat, and defy cancer. The Dana-Farber Campaign will accelerate the Institute’s strategic priorities by supporting revolutionary science, extraordinary care, and exceptional expertise. As a community, we have the power to create a more hopeful, cancer-free future—in Boston and around the world. Together, we can defy cancer at every turn. Learn more about The Dana-Farber Campaign and how you can get involved at DefyCancer.org.