As you reflect on your year-end tax planning, we hope that you will consider making use of the income tax charitable deduction. Your year-end gift to St. Thomas’ Church can significantly reduce your income tax bill while helping provide the support systems needed for St. Thomas’ to equip parishioners for their ministry. Use the year-end strategy for your Annual Pledge gift, or if that is already made, use it for donating to a project or ministry at St. Thomas’ that is dear to your heart.
Gifts of Cash
You can lower your 2020 income taxes by writing St. Thomas’ a check by December 31. Make sure that the check is dated and your envelope is postmarked by December 31; then your gift will qualify for the current year, even if it is not received by St. Thomas’ Church until the first week of 2021. Some employers will match charitable gifts, meaning your gifts are worth more. If your company or firm has a matching gift program, please enclose the form along with your check.
Credit Card Gifts
Gifts made by credit card on the St. Thomas’ website homepage by midnight on December 31 will count in the current year. Our online giving is monitored daily, even when the church is closed.
Gifts of Stock
If you own an appreciated stock, it is more tax wise to contribute the stock than your cash. A gift of appreciated stock generally offers a two-fold tax savings. First, you avoid paying capital gains tax on the increase in value of stock. Second, you receive an income tax deduction for the full fair market value of the stock at the time of the gift. It is important for those donating stock to St. Thomas’ Church to please notify Tamika Gerhardt-Rodriguez at 215-233-3970 x111 so that we can match the stock transaction with the donor(s). Donors are not always identified on stock gifts received at PNC Bank.Stocks must be received by PNC Bank before close of business the last work day of December to count as this year’s tax deduction.
Our account manager at PNC Bank is Ericka Eggler at 1-412-762-7089 or by fax: 1-800-449-7382. Your broker should contact Ericka directly to exchange DTC numbers to ensure a smooth transaction from both agencies. You need to provide your broker with the following instructions for wiring stock transfers:
Instructions for wiring: PNC Bank – DTC #2616
Attention: Ericka Eggler
Reference account 21350011089465 St Thomas Donor Account
Gifts of Life Insurance
A gift of life insurance can provide a significant year-end charitable deduction. You could purchase a new policy or donate a policy that you currently own but no longer need. To receive a deduction, designate St. Thomas’ Church as both the owner and beneficiary of the life insurance policy. Check with your insurance agent for the details.