I know what you are thinking... "The leaves are piling up in our yards, high school football just finished, and you need to prepare for a Thanksgiving feast and visiting relatives in less than two weeks. So why the hell is this guy bugging me about taxes now? And what does this have to do with wrestling?"
Before our favorite sport goes full-tilt into the 2023-24 season (and it looks like we will have lots to cheer about), we want to make an end-of-calendar-year pitch to all you Raider supporters. Our heartfelt gratitude goes to all of you that have supported and continue to support our scholarship program.
Please read on about how a little planning (and action) now may possibly reduce costs or possibly save you money.
There are many ways to make tax deducted donations (to the Reynolds Wrestling Legacy Fund, of course) but here are just two of the most popular methods to complete your 2023 Charitable Contributions.
Note: Not everyone qualifies to use charitable contributions as a tax deduction. Others are limited in how much they can deduct from their taxes. You need to learn of your specific circumstance before taking advantage of these suggestions! There is no “one-plan-fits-all” solution so do your diligent research and if needed, consult an expert.
1. Traditional Donation
This simple method is what we have requested of you since our club’s inception. Just about everyone that donates to our scholarship fund goes to our dedicated donation screen at the Community Foundation of Western PA & Eastern OH. You can make a one-off donation (to get the deduction for 2023) or you can schedule a smaller amount to be automatically paid each month.
Instructions on how to mail donation checks to the Foundation can be found here.
2. IRA Deduction (for all of us OLD people in Raider Nation)
If you are 70 ½ years old or more, you can give directly to our fund from your IRA.
This allows you to donate without touching your personal savings and checking account which helps your monthly cash flow.
And it is Tax Free since you are using money that was never taxed.
If you turned 73 this year, one method to reduce the burdens resulting from the Required Minimum Distributions (RMD) is to make a Qualified Charitable Distributions (QCD) to your favorite charities (such as the RWLC!). This must be done very soon.
A QCD counts as part of the RMD and will reduce taxes required.
Reducing the final RMD that goes to you also can reduce the costs of your Medicare fees charged to you since monthly Medicare prices rise with more income.
There are other ways to donate with property, insurance programs and wills. We will be glad to provide a list of options. As stated above - thanks to all you that support us!
The Legacy Club wishes all of you a Happy Thanksgiving and hope you enjoy your family time together.