New Tax Law: Change Can Be Good!
The Tax Cut and Jobs Act (TCJA) was enacted on December 22, 2017. Prior to that, it was unclear as to how it might have a negative effect on charitable giving. The good news now is, that is not the case. Here are some key provisions found in the new law: Can you benefit? Click to learn more.
Gift and will planning is a tax-smart approach that allows you to support charities like Jesus Film Project in ways that can maximize the donation while minimizing its impact on your estate both today and tomorrow. This giving generally uses appreciated assets, charitable trusts, or bequests made in wills.
Have a greater impact for the gospel and the kingdom.
The benefits are numerous. They:
IRA Rollover (Qualified Charitable Distribution) - The Protecting Americans from Tax Hikes Act (PATH), made extensions permanent for the future. Can you benefit?
This provision gives individuals 70½ and older the option to give to charities like Jesus Film Project and Campus Crusade for Christ (Cru) directly from their traditional IRA up to $100,000 without the normal tax consequences on withdrawals. An IRA Qualified Charitable Distribution (QCD) or Rollover gift meets the minimum distribution requirements and many people can benefit. For those whose charitable giving exceeds their annual adjusted gross income limits, a gift of this kind is especially helpful. Consult your tax advisor. Gifts must have been transferred by December 31 of the tax year to which they are being applied. For assistance, call toll free at 1-888-278-7233, option #1, then option #2, and ask for Ben Grames, Debbie Williams or Bethany Walti. Or you can click here to contact them online.
To send your IRA Qualified Charitable Distribution (QCD) (or Rollover) gift today, please use the printable form below. This form provides you and your IRA custodian all the specific information needed to complete the gift transfer and to help bring more unreached people the "gospel on film." Click here now for the IRA QCD/Rollover Transfer form.
An additional benefit from IRA Rollover gifts: potentially lower your future Medicare premium increases.
The IRA Rollover gift, also known as the Qualified Charitable Distribution (QCD), may help a person minimize income. And, for older Americans what this could mean is that QCD gifts may help minimize the impact of an IRA on your Medicare costs. How you ask? Because of the increased standard deduction amounts in the 2018 tax laws, many people won’t be deducting contributions, so QCDs are more valuable for income tax planning.
Here's a simple example of how this might work.
Linda decided to do qualified a charitable distribution of $5,000 to satisfy her required minimum distribution (RMD) in 2018. The $5,000 is not included in her 2018 modified adjusted gross income (MAGI) used to determine her Medicare cost for the year 2020. Linda’s QCD will save her $1,212 in Medicare costs for 2020. If Linda had instead taken her RMD and made a charitable cash donation of $5,000, that would not have lowered her Medicare cost.
When a person begins to use the QCDs to satisfy RMDs, he or she can start seeing the benefits two years later. So, depending on one’s income levels, he or she may benefit in some years but not others, but this strategy is worth looking into on an annual basis.
For the individual who is charitably-minded and going to make donations any way why not go ahead and make a QCD and save hundreds or even thousands in Medicare costs, as well as save income taxes. If you are 70½ or older and hold an IRA that you must draw from (not a Roth IRA), this could work for you. Always consult with your tax advisor
In partnership with Wycliffe Bible Translators, Jesus Film Project provides periodic webinars to keep you informed about the charitable tools and resources to protect your assets and estates and provide for your families while creating an important legacy.
Past seminars are available to watch or download.
If you have more questions, we have a gift and will planning team that would love to help. You can call them toll free at 1-800-449-5454. Our team of professionals can give you helpful information on a variety of planning tools and strategies that can help you and your advisors come up with the best plan for you. There is no obligation, so call today, or email at [email protected].
There is also a Planning Service offered by the Great Commission Foundation which many have greatly benefitted from. The service is free to friends of the ministry and, a majority of the time, the tools and strategies recommended have measurably improved those friends' overall financial position. For anybody who has a heart for fulfilling the Great Commission or the "JESUS" film, the professionals with our Great Commission Foundation are available to serve you. They can guide you to tax-smart tools and develop strategies to help you with your non-cash gift and will giving. They can come alongside you and your tax advisors to help you fully accomplish your goals of asset preservation, provide for your loved ones, and extend your legacy. You’ll find that their perspective and yours for the kingdom will be closely aligned. You can consult them with the highest level of confidence.
The Cru Foundation e-newsletter is a valued resource on biblical stewardship and can be sent to you free each month. It provides you with stories, timely tips, and inspirational teaching to help you grow in stewardship and your knowledge of what it means to be "rich toward God (Luke 12:13-21)." Start benefiting today!
The tax legislation passed by Congress impacts Americans in several areas including charitable IRAs, income tax rates, capital gains and estate taxes and itemized charitable deductions. The following is a summary of the major components that may affect you... Click for more
If you have stocks, bonds, mutual funds or other marketable securities which have greatly appreciated in value since their purchase, you can give them to Jesus Film Project. You can deduct the fair market value of the stock and pay no capital gains tax on the stock (held for at least a year and a day.) This can dramatically reduce the cost of making a charitable gift or increase the amount you can afford to give... Click for more
Many people have the ability to give real estate to the Lord's work. Gifts of appreciated, unencumbered real estate that you have owned for more than one year can provide additional tax advantages to the giver, as well as funds to reach the world for Christ.
If you have rental property, commercial property, vacation property, a second home, or land that you are not using or are tired of caring for, giving it may be an ideal way to provide funds for Jesus Film Project... Click for more
This is a direct and simple way to make a planned gift when you name Jesus Film Project as the beneficiary to receive all or a portion of the proceeds of a life insurance policy. This kind of gift can also offer tax advantages; these benefits vary from state to state... Click for more
You can choose to leave assets from your estate to Jesus Film Project by a provision in your will, or a codicil to your will. This is a bequest. You can bequeath a specific amount of money, a percentage of your estate, or specific property. Your estate will receive a charitable estate tax deduction at your death, when the gift is actually made. A bequest enables you to make a significant gift to Jesus Film Project while retaining full control of your assets throughout your life and can reduce your estate taxes... Click for more
Are you an owner of a business? If so, that enterprise could serve you well as a means to lower your incomes taxes. With tax-wise planning, you can donate a small portion to charity and gain a valuable current year tax deduction. This can be done while retaining full control of your business. You can keep more today, to reach tomorrow’s goals for you, your business and your family... Click for more
If you have grain, livestock or other farm commodities, you can donate them prior to sale, and you could be exempt from claiming it as income. You can claim the gift at the market price. The charitable deduction you receive can reduce your state and federal taxes, as well as your self-employment taxes. This savings also reduces your cost of making a charitable gift or could enable you to increase the amount you can give... Click for more
Jesus Film Project accepts tax-deductible gifts of various forms of virtual (digital) currency such as Bitcoin. Per government requirements, these gifts are recognized as real property and are received and receipted similar to stock and other securities. Virtual currency gifts of $5,000 or more annually require a qualified appraisal. For more information, or to make a Bitcoin donation, please contact Kate Matsia at (407) 826-2405, or email the Specialized Donations team at: [email protected].
When making your gift, please reference the Cru (Campus Crusade for Christ) Tax ID Number: 95-6006173.
This fund serves as a financial tool much like a private foundation, but offers more attractive options when it comes to realizing your personal charitable objectives. With a Donor Advised Fund, costs and administration are shared and minimized. You may claim a charitable income tax deduction and may not have to pay any capital gains, if the gift is of appreciated property. You have the flexibility with a Donor Advised Fund of giving to your charity(s) of choice now or over time... Click for more
This trust is a financial tool which makes payments, either a fixed amount (annuity trust) or a percentage of trust principal (unitrust), to whomever you choose to receive the income. You may claim a charitable income tax deduction and may not have to pay any capital gains tax if the gift is of appreciated property. At the end of the trust term, Jesus Film Project would receive whatever amount is left in the trust... Click for more
The lead trust is another financial tool which makes payments, either a fixed amount (annuity trust) or a percentage of trust principal (unitrust), to Jesus Film Project for a set term of years to support any ministry effort you choose to designate. When the trust terminates, the asset is ultimately returned to you (a grantor lead trust) or to your heirs (a non-grantor lead trust). You may claim a charitable tax deduction for funding a non-grantor lead trust. The lead trust is one of the few ways to reduce transfer taxes that would otherwise be due on assets left to loved ones... Click for more
You can give your personal residence or farm to Jesus Film Project and retain the right to live there for the remainder of your life. You would receive an immediate tax deduction, but would continue to maintain the property and pay taxes and even receive any income it might generate... Click for more
Staff members of Jesus Film Project are dependent on friends like you for financial support to continue their important work. When you pass away, their needs do not come to an end. Would you like to continue your support of staff after your death? You can. The Staff Legacy Fund could be the ideal way for you to accomplish this objective... Click for more
There are a number of tax-wise gift- and estate-planning tools and strategies that you can use to preserve assets, provide for family, and remember those charities and ministries that are important to you. But, how does one know which options would best fit his or her own unique situation? The answer, to obtain wise counsel from trusted charitable professionals; advisors who not only know the techniques, but also have the same spiritual values you do—a heart to see the lost reached, believers grow, and churches planted worldwide... Click for more
In partnership with the Wycliffe (Bible Translators) Foundation, Jesus Film Project provides friends of both ministries the opportunity to learn about charitable tools and resources to effectively protect their assets and estates, provide for their families and create a legacy.
To watch past webinars, click here now.
Today’s Gift Planning tools provide investors with strategies to significantly reduce, and even potentially eliminate, taxes on appreciated real estate, stocks, business interests, and other appreciated assets. Can you imagine a strategy with the goal of zero taxes? It is possible... Click for more
A family letter is a key part of a good estate plan. It is much more personal than many of your estate documents. A family letter allows you to share your heart and show appreciation and gratitude to family members. During a time when family members are grieving, it also helps them to complete many practical steps to protect your property... Click for more
A charitable gift annuity is a simple and safe way to receive a quarterly or yearly fixed income for your lifetime and your spouse's lifetime... Click for more
The Scriptures speak much of the importance of being stewards of our time, talents and treasures. This section of our website is dedicated to providing you information and resources to inspire, to encourage, to help foster growth (wisdom and understanding) and to build your faith.
Click here to watch Bill and Vonette Bright share their personal story about giving in a short video entitled, “Surrendering Everything.” Also, be encouraged watching videos from ministry leaders and partners of Jesus Film Project.
Call our gift and will planning team toll free at 1-800-449-5454, or email us at [email protected]. Thank you.