Ways to Give in Support of the Frontenac Museum

As the end of

approaches, it is a good time to plan for your charitable gifts. If you have an IRA and are 70 1/2 years old or older, you can make a gift directly from your IRA to The Frontenac Historical Society & Museum and pay NO federal income tax on the distribution. This transaction needs to take place between your IRA custodian directly to the museum in order to qualify for the tax exemption.

Also in 2025, if you are 65 years or older, you can take a $6,000 deduction, whether you itemize or not. The deduction phases out once your modified adjusted gross income exceeds $75,000 (single filers) or $150,000 (joint filers). This may free up additional money for meeting your charitable goals.

Planning ahead for 2026, there will be tax changes as approved by Congressional action.

• A new deduction for non-itemizers starts in 2026. You will be able to deduct $1,000 (single filers) or $2,000 (joint filers) for cash gifts to not-for-profit organizations like the Frontenac Historical Society.

• Itemizers must give at least 0.5% of their adjusted gross income before claiming a deduction. You may consider making an extra gift this year to take advantage of 2025 rules.

• If you are in the 37% tax bracket and you itemize, your deductions will be capped at 35%. Maybe a larger gift in 2025 should be a considered option.

The best planning can be done between you and your financial advisor, but with changes for this year and 2026, the Frontenac Historical Society & Museum wanted you to be informed of upcoming changes. As a not-for-profit, our goal is to "keep history alive" in our community and your financial help is very significant and important to us.

Thank you for your consideration and support.