Every little bit helps

Published: 11/28/2019 8:02:27 AM

Greenfield is going ahead with the new library.A major objection to the project was that it would increase our property taxes. Since it’s going ahead, here’s a way to help that situation: make a tax-deductible donation to the GPL Foundation at www.greenfieldpubliclibraryfoundationma.org

Even if you voted against the project, consider making a commitment. Every dollar you donate is a dollar less the city has to raise in property tax – thus giving both you and all of your neighbors a break. And anyone can take advantage of the five-year nature of the campaign to spread the pain out!

Speaking of taxes, pay before Dec. 31 and, if you itemize, you can deduct your gift from this year’s income tax.

Even if you don’t itemize but you’re “of an age” as we say, you may still get an income tax break. In IRS speak: If you have an IRA and get an RMD, you can benefit by making a QCD to a 501(c)3. OK…

Translation: If you’re 70 ½+ and have an IRA, you must start taking money out — a “required minimum distribution” (RMD) and pay the taxes you deferred on those funds.

If you don’t need all of that money and were planning to make a donation to a tax-deductible charity (a 501(c)3 – like the GPL Foundation), you can “roll” some or all of the RMD directly to the charity and pay no income tax on that money ever (a “qualified charitable distribution” – QCD), even if you don’t itemize your deductions.

Check with a tax advisor, but we’re planning to do just this in 2020 and for the duration of the library campaign not only to reduce our property taxes, but also our income tax bill.

OK, Greenfield, it’s time to pony up!

Henry Leuchtman

Greenfield




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Greenfield, MA 01302-1367
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