As the year-end approaches and we start to look at our tax picture for 2021, let me suggest a great idea to save taxes and to help those in such great need. Several years ago I bought 200 shares of a tech stock for $15 a share ($3,000) It’s now worth $80 a share, after staying static and even declining a bit. My financial advisor says it’s probably peaked and suggested selling and taking my profits. But if I sold it for $16,000 in 2021 inflated dollars, I have to pay capital gains tax on $13,000! That takes a considerable bite out of those profits. Instead, he suggested that I give the stock to Wells of Life and get a tax write-off for the entire $16,000, and Wells of Life can then sell it for that same amount, financing two wells at the price of $8,000 each!
Talk about a wise, win-win strategy - I get a substantial tax reduction, and 2,000 people get clean water for decades!
Take a look at your portfolio, talk to your financial advisor if you have one, and if you have a similar appreciated investment, (stocks, bonds, real estate, or anything else that has appreciated in investment value)
you might consider taking advantage of this tax situation while it remains on the books.
For more information, call our treasurer, Mike Raguse, CPA at