Charitable Giving and Tax Savings Opportunities

If you are 70.5 years or older consider making a qualified charitable distribution (QCD) of up to $100,000 directly from an IRA to St. James. A QCD keeps IRA distributions from impacting your adjusted gross income (AGI) now and in the future.  It works whether you take the standard deduction or itemize deductions, and it can count toward your required minimum distribution (RMD) which starts at age 72 if you have one.
If you are younger than 70.5 years and plan to take the itemized deduction, consider donating appreciated stock. Your donation could help offset taxes you may owe.

CSA 2023-2024 INFORMATIONAL VIDEOS - CLICK HERE -

Our commitment to financially supporting the parish should be made after prayerful consideration and reflection. The sharing of our “treasure” should be intentional, planned, and proportionate:

Intentional….
This means that our gift is well thought out and not an afterthought. We recognize that our offering is an expression of God’s priority in our lives. We realize that all that we have is a gift from God and we are called to return a portion of our resources to support His work through the Church.

Planned….
This means that each household makes a commitment to support as part of its budget. Just like a mortgage, car payment, or insurance; it is an amount that is planned for and not what is left over after all other needs are met. We may need to reprioritize our financial goals to ensure that the Lord comes first in our spending; He doesn’t ask for much in return for what He has given each of us.

Proportionate….
Scripture tells us that we return to God the first and the best that we have. Carefully consider how your gift to God is proportionate to the other wants and needs in your life. We encourage the use of parish offertory envelopes or online giving. They are helpful reminders of our Stewardship Commitments, they encourage consistency in giving, and they allow the parish to keep an accounting of contributions for tax and other purposes. When envelopes are not used and loose cash is put in the offertory collection, it makes the gift seem unintentional and unplanned. There are times when little or any financial support to the parish is not possible. Unexpected job loss or unforeseen expenses can occur. While it is not necessary to share this information, keep in mind that the parish may be able to assist families in their time of need.

Suggested Amount to Give:
If you are unsure of what an appropriate weekly amount should be, consider one hour of your weekly wage or a percentage of your income such as 1 to 2% of your annual income.

• Hourly wage - $27.00 an hour, weekly contribution = $27.00 
• $50,000 a year 1% = $500.00 annually,  2% = $1,000 annually