Featuring the box office movie “Courageous” from the makers of Fireproof and Facing the Giants

Don’t miss this great opportunity.

If you’re interested in participating in or facilitating a group in 2012, please contact Pastor Kyle and we’ll get you set up.

A Brief Guide to Year-End Giving

Gifts of Cash

If you itemize, you can lower your 2011 income taxes simply by writing a check to Lake Carroll Baptist Church by December 31. Make sure your envelope is post-marked by December 31; if it is, your gift will qualify as a 2011 gift even if we receive it after that date.

Gifts of Stock

If you own stock, it is often more tax-wise to contribute stock than cash. This is because a gift of appreciated stock generally offers a two-fold tax saving. First, you avoid paying capital gains tax on the increase in value of the stock. Second, you receive an income tax charitable deduction for the full fair market value of the stock at the time of the gift.

Example: If you purchased some stock many years ago for only $1,000, and it is now worth $10,000, an outright gift of the stock to the church would result in a charitable deduction of $10,000. In addition, there is no capital gains tax on the $9,000 of appreciation.

Gifts of IRAs

If you are over 70 ½ , you may use your IRA to fulfill your charitable plans without paying tax on or taking a deduction for the gift. This gift qualifies for all or part of your required IRA minimum distribution.

IRA Rollovers will be popular for at least five reasons:

1) Convenience

2) Standard Deduction Benefit

3) Lower Tax on Social Security

4) No Giving Limits

5) Lower Income Level Saves Tax

A rollover can be $1,000, $5,000 or any size up to $100,000. As with any important financial decision, we recommend you discuss this with your personal financial advisor.

Gifts of Real Estate

A residence, vacation home, acreage or other property may have so appreciated in time that its sale would mean a sizable capital gains tax. By making a year-end gift of this property, you would avoid the capital gains tax, and, at the same time, receive a charitable deduction for the full fair market value of the property.

It is also possible to make a gift of a home so that you and your spouse can continue to use it for your lifetimes, while you receive a tax deduction in 2011.

Bequests

While you’re considering your 20011 income tax savings, this may also be a good time to consider long-term tax savings. The federal estate tax can still take approximately 40% to 50% of one’s estate at the time of death. That’s a higher tax bite than the income tax! It definitely pays to do some advance planning with your attorney and other professional advisors. We hope you will consider a charitable bequest in your will– to benefit the church while you save estate tax dollars at the same time.

Note: the information shared here is general in nature and does not attempt to make specific legal or tax advice. To learn how this general information relates to your individual circumstances, contact a professional tax advisor.

To contact the church about giving, call or email Cindy Wan, 813-933-5683

Our next men’s breakfast is on Saturday, November 12 at 7:30am in the church Fellowship Hall. There is no cost for this event. Come enjoy a great hot breakfast and some time with some great men. Come by yourself or bring a friend. You’ll be glad you did. For more information, email Sam.

“The Big Picture” is a world of colors, smells, sounds, tastes, and textures designed to reflect its Creator’s beauty.  Children’s talents and gifts will be united in creative worship.