November 20, 2021 Issue, Page 12 of 12

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12 Community November 20, 2021 ECHS Cheerleaders are 4A Academic All State Cheer Champs Jason Jones Plumbing 580-214-0404 or 580-323-0405 Clinton Oklahoma Jason Jones - Owner/Operator | [email protected] Maximize your charitable giving (@arinc - HEARING AID SERVICES ‘The Tuesday after Thanks- tion and fundraising expenses charitable contributions. as generous as you can afford (Inside Family Medical Practice) giving has become known as might be considered some- If you still do itemize and ~ and enjoy the good feelings 601 W. 3rd Street, Elk City Giving Tuesday, when people what inefficient, though you'd you're thinking of making that follow. are encouraged to donate to ‘want to evaluate each charity charitable gifts, you generally Edward Jones, its employees 580-821-2299 + Lowest Prices charitable organizations. If individually, since extenuating have a choice between giving and financial advisors cannot you'd like to take part in this circumstances can occur. Keep cash and another asset such as provide tax or legal advice. You in mind, though, that smaller stocks. Each type of gift could special day, you'll want to charities may not have the should consult your attorney maximize the effectiveness same resources as a national earn you a tax deduction, but or qualified tax advisor regard- Start your subscription today! and benefits of your charitable gifts. organization to provide the re- a gift of appreciated stocks ing your situation. Call 580-225-3000 porting necessary for Charity could be more beneficial be- So, consider these ques- Navigator. tions: cause you may also be avoiding This article was written by Ed- ‘Will my employer match the capital gains tax you might ward Jones provided by Robert or stop by Is the charity reputable? my contribution? You can incur if you eventually sold Stephens of Edward Jones Finan- Does it use its resources wise- make your charitable gift go the stocks. You should consult 109 W. Broadway in Elk City ly? Most charitable organiza- a lot further if your employer with your tax advisor and the cial Advisor. tions are honest and dedicated matches it. Typically, compa- charity (not all accept invest- to helping their specific causes. nies match donations at a 1:1 ments) before making the But sometimes there are a few ratio, but some will match at cash-versus-stock decision. “bad apples” in the bunch. 2:1 or even higher. Check with Even if you don’t itemize, ‘These groups aren't necessar- your human resources depart- you could still get a tax benefit ily fraudulent (though some ment about your company’s are), but they may spend an from making a charitable con- inordinate amount of their do- policy on charitable matches. tribution. That’s because Con- nations on administrative ex- Are my charitable gifts tax gress has extended part of the penses, rather than directing deductible? A few years ago, COVID-19-related legislation this money to where it’s most Congress significantly raised that allows taxpayers to claim needed. Fortunately, you don’t the standard —_ deduction, charitable deductions of $300 have to guess about the trust- which, for the 2021 tax year, (for single filers) or $600 (for worthiness or the efficiency is now $12,550 for single tax- married couples) if they claim of a particular group, because payers, $25,100 for joint fil- the standard deduction. The you can check on it. ers and $18,800 for heads of charitable donations must be To make sure that a char- household. As a result of this ity is an actual charity - one made in cash, not stocks. that is tax-exempt and listed increase, many people no lon- Giving Tuesday comes just as a 501(c)(3) organization ger itemize and thus have less once a year, but your gifts can = you can go to www.irs.gov, financial incentive to make have lasting benefits. So, be the website of the Internal Revenue Service, and hit the “Charities & Nonprofits” link. Edward Jones An organization called Charity MAKING SENSE OF INVESTING Navigator (www.charitynavi- gator.org) tracks charitable Edward Jones, Member SIPC groups’ financial health and accountability, including how much is spent on administra- 2014 W. 3rd | Elk City, OK 73644 tive and fundraising costs. Generally speaking, a chari- table group that dedicates Robert Stephens (580) 225-3156 more than about 30% to 35% Financial Advisor [email protected] of its total costs to administra- real estate auction WILLIAM: Z mornth iLS 8 ndurance 3505 S Hwy 6, Elk City, OK 1812 W 2nd St, Odessa, TX Federal Credit Unig Industrial/Warehouse Properties www:endurancefcu.org Open Public Inspections 11-2pm Friday Nov 19 & Dec 3 405| Regional Drive - 225-2269 ELK CITY, OK ODESSA, TX ODESSA, TX + 3505 South Highway 6 * 1502 East 2nd Street + 1812 West 2nd Street 11,040+/- sf warehouse/office 32,500+/- sf industrial on 20,180+/- sf warehouse, shop on 3.654/- ac. 2.94/- ac. and office space on 2.06+/- ac. 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