Tax-Smart Giving: A Win-Win for Your Clients and the Community
Charitable giving can help your clients meet their financial and philanthropic goals. Below are ways your clients may benefit from charitable giving using the tax tables on this page.
- Avoid capital gains and receive a tax deduction by donating highly appreciated stock.
- If part of all of a required minimum distribution from an IRA is not needed, avoid paying taxes on it.
- With the increased standard deduction, itemizing charitable gifts may be difficult; clients may opt to bunch their donations using a donor-advised fund.
- An unusually high-income year may send a client looking for tax deductions.
- Clients looking ahead to leave a legacy by supporting charities and causes they find important.
Why Do Clients Give to Pinellas Community Foundation?
- Simplicity — PCF handles paperwork, record keeping, gift acceptance, grantee due diligence, and tax filing.
- Low cost — starting a fund is FREE.
- Tax benefits — donations are deductible up to 60% of adjusted gross income for cash gifts and 30% for stocks, mutual funds, and real estate.
- Tax planning — reduce taxes by bunching donations in certain years, but give grants to charity over time.
- Generational giving made simple — involve your children, grandchildren, and other family members in your charitable giving and planning.
- Anonymity — at your choice, giving through PCF can be anonymous to other charities.
- Expertise — use the knowledge and experience of PCF to help you learn about local issues, causes, and nonprofit organizations.
Options for Giving
- Donor-Advised Funds are a flexible and simple tool to donate to today but grant funds to charities over time.
- Restricted Funds allow donors to support their favorite charitable organizations forever.
- Field of Interest Funds help donors support a specific cause or focus and PCF grants funds to charities that meet the need.
- Discretionary Funds provide the flexibility to meet both the needs of today and the future.
- Scholarship Funds can benefit students by naming a particular school or educational focus.
Charitable Giving Notes for 2022
- Donors may deduct up to 60% of AGI for qualified charitable contributions made by itemizers (in most years, this is limited to 60% of AGI). Such gifts must be made in cash to public charities or a “50% charity”).
2023-2024 Tax Tables
Current as of Sept. 20, 2023.
Jump to Table
- Individual Tax Brackets 2023
- Standard Deduction
- Long-Term Care Insurance
- Estate Taxes / Gift Taxes
- Capital Gains Taxes
- Parameters for Deferrals from Retirement Plans
- RMD Uniform Lifetime Table 2022-2023
- Health Savings Accounts (HSAs) Contribution Limits
- Standard Mileage Rates
Individual Tax Brackets 2023
| Taxable Income | Amount Owed |
|---|---|
| Single | |
| $0 - $11,000 | 10% of taxable income |
| $11,001 - $44,725 | $1,100 + 12% of the amount over $11,000 |
| $44,726 - $95,375 | $5,147 + 22% of the amount over $44,725 |
| $95,376 - $182,100 | $16,290 + 24% of the amount over $95,375 |
| $182,101 - $231,250 | $37,104 + 32% of the amount over $182,100 |
| $231,251 - $578,125 | $52,832 + 35% of the amount over $231,250 |
| Over $578,125 | $174,238.25 + 37% of the amount over $578,125 |
| Married Filing Jointly | |
| $0 - $22,000 | 10% of taxable income |
| $22,001 - $89,450 | $2,200 + 12% of the amount over $22,000 |
| $89,451 - $190,750 | $10,294 + 22% of the amount over $89,450 |
| $190,751 - $364,200 | $32,580 + 24% of the amount over $190,750 |
| $364,201 - $462,500 | $74,208 + 32% of the amount over $364,200 |
| $462,501 - $693,750 | $105,664 + 35% of the amount over $462,500 |
| Over $693,750 | $186,601.50 + 37% of the amount over $693,750 |
| Head of Household | |
| $0 - $15,700 | 10% of taxable income |
| $15,701 - $59,850 | $1,570 + 12% of the amount over $15,700 |
| $59,851 - $95,350 | $6,868 + 22% of the amount over $59,850 |
| $95,351 - $182,100 | $14,678 + 24% of the amount over $95,350 |
| $182,101 - $231,250 | $35,498 + 32% of the amount over $182,100 |
| $231,251 - $578,100 | $51,226 + 35% of the amount over $231,250 |
| Over $578,100 | $172,623.50 + 37% of the amount over $578,100 |
Standard Deduction
| Filing Status | 2023 Deduction | 2022 Deduction |
|---|---|---|
| Single | $13,850 | $12,950 |
| Married Filing Jointly (MF) | $27,700 | $25,900 |
| Married Filing Separately (MFS) | $13,850 | $12,950 |
| Head of Household | $20,800 | $19,400 |
Long-Term Care Insurance Annual Premium Deduction
| 2023 | 2022 | |
|---|---|---|
| Over 70 | $5,960 | $5,640 |
| 61 to 70 | $4,770 | $4,510 |
| 51 to 60 | $1,790 | $1,690 |
| 41 to 50 | $890 | $850 |
| 40 and under | $480 | $450 |
Estate Taxes / Gift Taxes
| 2023 | 2022 | |
|---|---|---|
| Estate Tax Exemption — Individual | $12,920,000 | $12,060,000 |
| Top Estate Tax Rate | 40% | 40% |
| Annual Gift Tax Exclusion — Gifts per person | $17,000 | $16,000 |
| Annual Gift Tax Exclusion — Joint gifts by spouse | $34,000 | $32,000 |
Capital Gains Taxes
| Holding Period | Top Capital Gains Rate |
|---|---|
| 12 months or less | Ordinary income rate, max rate is 37%1 |
| More than 12 months | 0%2,15%, or 20%3 |
| Depreciation recapture on real estate | 25% (for Section 1250 real property) 39.6% (for Section 1245 property) |
| Collectibles and certain small business stock4 | 28% |
2. Zero if in 10-12% bracket. Otherwise,15%.
3. Rate for taxpayers in the middle of the 35% bracket and above.
4. Small business stock has a cap of $10 million or 10 times adjusted basis of the stock, whichever is greater.
Parameters for Deferrals from Retirement Plans
| 2023 | 2022 | |
|---|---|---|
| Maximum elective deferral to 401(k) and 403(b) plans | $22,500 | $20,500 |
| Catch-up contribution limit for 401(k) and 403(b) plans | $7,500 | $6,500 |
| Maximum elective deferral to SIMPLE IRAs | $15,500 | $14,000 |
| Catch-up contribution limit for SIMPLE Retirement Plans* | $3,500 | $3,000 |
| IRA contribution limit | $6,500 | $6,000 |
| Catch-up contribution limit for traditional Roth or IRAs* | $1,000 | $1,000 |
| Annual limit on additions to defined contribution plans | $66,000 | $61,000 |
| Defined benefit plan annual benefit limit | $265,000 | $245,000 |
| Annual compensation limit | $330,000 | $305,000 |
| Maximum elective deferral to 457 plans of exempt employers | $22,500 | $20,500 |
| Threshold amount to determine if someone is a key employee in top-heavy plans | $215,000 | $200,000 |
| Threshold amount to determine if someone is a highly compensated employee | $150,000 | $135,000 |
| Social Security wage base | $160,200 | $147,000 |
| Medicare wage base | None | None |
RMD Uniform Lifetime Table 2022-2023
Required Minimum Distributions The Uniform Lifetime Table can be used by all IRA owners at age 70 1/2 years, unless their sole beneficiary for the entire year is a spouse who is more than 10 years younger. Then the regular Joint Life Expectancy Table is used (see IRS Pub. 590), which could reduce the required minimum distribution even further.| Age Account Owner | 2023 Distribution Period | 2022 Distribution Period |
|---|---|---|
| 70 | N/A | 29.1 |
| 71 | N/A | 28.2 |
| 72 | 27.4 | 27.4 |
| 73 | 26.5 | 26.5 |
| 74 | 25.5 | 25.5 |
| 75 | 24.6 | 24.6 |
| 76 | 23.7 | 23.7 |
| 77 | 22.9 | 22.9 |
| 78 | 22.0 | 22.0 |
| 79 | 21.1 | 21.1 |
| 80 | 20.2 | 20.2 |
| 81 | 19.4 | 19.4 |
Health Savings Accounts (HSAs) Annual Contribution Limits
| 2023 | 2022 | |
|---|---|---|
| Individual | $3,850 | $3,650 |
| Family | $7,750 | $7,300 |
| Age 55 or older | $1,000 additional | $1,000 additional |
Standard Mileage Rates
| 2023 | 2022 | |
|---|---|---|
| Business | 65.5 cents per mile | 58.5 cents per mile (Jan-June) 62.5 cents per mile (July-Dec) |
| Moving | 22 cents per mile | 18 cents per mile (Jan-June) 22 cents per mile (July-Dec) |
| Medical | 22 cents per mile | 18 cents per mile (Jan-June) 22 cents per mile (July-Dec) |
| Charitable | 14 cents per mile | 14 cents per mile |
Download the Tax Guide
We Can Help
Pinellas Community Foundation is a 501(c)(3) nonprofit organization registered with the state of Florida. A copy of the official registration and financial information for Pinellas Community Foundation (CH3646) may be obtained from the Division of Consumer Services by calling toll-free within the state 1-800-HELP-FLA (435-7352) or visiting www.FDACS.gov. Registration does not imply endorsement, approval, or recommendation by the state. Your gift may be tax-deductible; please consult your tax professional to explore your benefits.
Become a Strategic Partner
with Pinellas Community Foundation
The staff and board of Pinellas Community Foundation are ready to work with you and your clients. To explore philanthropic options for your clients, please call 727-531-0058 or use the form below to email us.