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Tax Tips: Year-End Giving for 2016

December 19, 2016

What has the ministry you supported accomplished in 2016? NGJ keeps you informed on a monthly basis. We are always pleased to show the progress we have made in evangelism throughout the world. We know you have choices, as there are approximately 1.5 million registered nonprofits in the US (National Center for Charitable Statistics); we appreciate each person that provides prayer and sacrificial giving to support our ministry.

Does your choice of giving meet these important criteria?

  1. Is the organization financial healthy, efficient and sustainable?
  2. Does the organization accomplish its goals?
  3. Is the organization accountable?

No Greater Joy Ministries can say a strong YES to all three questions. We have been operating for over twenty years, we continually expand our base, we undergo an independent financial audit every year, and provide answers to questions regarding our finances and operations.


Check with your employer to see if they match employee contributions to nonprofits. This immediately doubles your donation for the organization you have in your heart to support.

Donations can be made in many forms. Donating personal property such as an auto, truck, farm equipment, jewelry, gold, silver, etc. is a creative way to turn non-cash assets into ministry gifts.

Donating appreciated assets such as stock can have a double benefit. If your stock has appreciated in value, you can donate it and receive a charitable deduction for the current market value as well as eliminating capital gains tax on the appreciated value.

The Charitable IRA Rollover Act allows donors age 70 ½ years or older to donate up to $100,000 from their IRA without counting the distribution as income. If you have a required minimum distribution (RMD), donation counts as your required minimum distribution, and does not increase your adjusted gross income. This is important if you don’t itemize your taxes as it reduces your adjusted gross income which could make less of your Social Security benefits taxable. You cannot deduct the charitable contribution if you make the tax-free transfer to charity since the RMD is not counted as income.

Naming NGJ as a beneficiary on your insurance policy or annuity is a way to create an ongoing legacy that will live on after you have gone to be with the Lord.


Your mailed gifts must be postmarked by Saturday, December 31, 2016 in order to receive a charitable deduction for the 2016 tax year.  Stocks or other securities have to be transferred by the same date – you should allow your brokerage firm enough time to make the transfer by year-end.

If you want to deduct your charitable contributions on your 2016 tax return, you have until 11:59 p.m. December 31st to make your online donations HERE. Gifts by credit card are complete when your credit card account is charged so be sure to allow a few minutes for this to happen. The general fund allows us to use the funds where most needed, the 14 other choices are designated donations – used 100% for your specific choice. Online giving allows you to wait until the last minute to make an eternal impact on someone’s life.


Depending on how much you give for 2016, it may be worth itemizing your deductions if the end result is larger than the standard deduction. Be sure to understand your tax liability for the year and how giving can reduce it. If you itemize and go over the limit for current deductibility, you can carry forward your donation for an additional five years.

Editor’s Note: Mel Cohen our General Manager is a licensed Certified Financial Planner® and a Registered Tax Returner Preparer through the IRS. Should you have any questions on the above or any questions involving NGJ, contact him at [email protected] or his direct line at (931) 593-2484.

Michael Pearl, President/CEO

The above information is for informational purposes only. It should not be considered individual tax or financial advice. You should consult with a tax or other professional to determine what may be best for your specific individual needs.