Tax Credit:  

Definition:  It is a credit towards the payment of your tax liability to the IRS, matched dollar for dollar against future taxes owed.

Description of Tax deductible gifts

The simplest way to make a tax-credit for contributions to Provision Global Ministries is to contribute through our on line credit card service (Visa, Master Card, American Express, Discover). If you prefer, you can send a check made payable to Provision Global Ministries P.O Box 1849, Dacula Georgia 30019 Provision Global is a tax-exempt 501(c)(3) nonprofit organization.

Monthly Giving: If you would like to give monthly, you can do so by simply donating on the website, click on the Visa Mastercard donation logo or call us and we will set up an auto pay account to automatically bill your credit card or checking account monthly.

Gifts of Appreciated Stock: Gifts of stock can be advantageous to donors who purchased stock some years ago. For outright gifts of stock and other appreciated long-term securities, the donor’s deduction is equal to the fair market value of the securities on the date the donor relinquishes control of the assets to Provision Global Ministries. A major advantage of giving appreciated securities is that the donor does not have to realize the capital gain and therefore avoids capital gains tax.

Charitable Remainder Trusts: Charitable Remainder Trusts are particularly beneficial for those who hold highly appreciated low-yield investments from which a higher return is desired. The donor can donate an asset to Provision Global Ministries, but retain the income generated from the donated asset for his/her lifetime, and can take a current tax deduction for a portion of the asset, and eliminate the capital gains tax.

Charitable Lead Trusts: In contrast to the Charitable Remainder Trust, the Charitable Lead Trust is created when a donor places an income-producing asset in a trust assigning Provision Global Ministries as the recipient of the trust’s income for a predetermined period of time. Once that moment has been reached, the income returns to the donor. At all times, the donor retains legal ownership of the asset.

Gifts by Will: Bequests large and small have contributed to the good health of many charities over the years, and Provision Global Ministries is a willing designee. Bequests qualify for unlimited charitable deduction, which reduces one's estate taxes and preserves more of the donor's assets for family and other intended beneficiaries.

Gifts of Life Insurance: Using life insurance to make a major gift is an option for donors who no longer need policies purchased some years ago. Donors may choose to assign their policies irrevocably to Provision Global Ministries. Here they would realize an immediate tax deduction in the amount of the policy's current value. The proceeds would not be subject to estate taxes and the premiums would be deductible for income tax purposes in the years thereafter in which they are paid.

Gifts of Real Estate: Gifts can consist of almost any type of property: personal or recreational residence, farm or ranch, commercial building, subdivision lots, underdeveloped property or a fractional interest in property. Assets may be given outright, or serve as the corpus of a trust arrangement. Immediate partial charitable deduction is available to the donor.  Real estate ownership can be retained by owner but used by Provision Global Ministries and said owner still receives a Tax Deduction for the usage of the property

In all cases, donors are advised to consult with their tax advisor to determine specific tax savings and/or the planned giving opportunity which best fits their particular need.

Provision Global is a 501 C 3 Non For Profit Organization.

Automobile Donations

Summary Car donation programs can be effective for both donors and charities. New rules place new limits on such programs from January 1, 2005.

Discussion:

Special rules about tax deductions for car donations took effect January 1, 2005. Here's the IRS summary of the new rules:

Acknowledgment Required for Car Donations

Qualified organizations that receive car donations after December 31, 2004, must give the donor a written acknowledgment of the donation. This rule generally applies if the claimed value of the donated vehicle is more than $500.

This rule also applies to donations of boats, aircraft, and any vehicle manufactured mainly for use on public streets, roads, and highways. However, this rule does not apply to donations of inventory.

Contents of acknowledgment

The acknowledgment must include the following information.

1.The donor's name and taxpayer identification number.

2.The vehicle identification number or similar number.

3.A statement certifying the organization sold the car in an arm's length transaction between unrelated parties.

4.The gross proceeds from the sale.

5.A statement that the donor's charitable contribution deduction may not be more than the gross proceeds from the sale.

6.The date of the contribution.

However, if there was significant intervening use of or material improvement to the car by the organization, the acknowledgment does not have to include the information in items 3, 4, and 5 above. Instead, it must contain a certification of the intended use of or material improvement to the car and the intended duration of that use and a certification that the vehicle will not be transferred in exchange for money, other property, or services before completion of that use or improvement.

This acknowledgment must be provided within 30 days of the sale of the car or, if there is significant intervening use or material improvement of the car by the organization, within 30 days of the contribution.

Ownership can be retained by the owner with the use of the asset donated to Provision Global Ministries and a Tax Credit gift letter will be given for the use of the vehicle.  For more info  info@provisionglobalministries.org

The organization also must provide this information to the IRS.

There is a penalty for knowingly furnishing a false or fraudulent acknowledgment or knowingly failing to furnish a required acknowledgment in the manner, at the time, and showing the information required. For details about this penalty, see section 6720 of the Internal Revenue Code.

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