As you get ready to toast the new year, consider these smart ways to wrap up 2023 on a financial high note. Not only can you save on your taxes, but you can also make a huge impact at University Liggett School.

Contribute appreciated stock instead of cash. If you have owned a stock for more than one year and it has grown in value, you may be in line for two tax benefits: avoid taxes on the appreciated value and qualify for an income tax charitable deduction based on today’s market value when you itemize. You receive the same tax saving as if you wrote a check, but with the added benefit of eliminating capital gains taxes.

Open a donor-advised fund account.  Contribute to a donor-advised fund and enjoy tax savings on that amount when you itemize.

Make a qualified charitable distribution of IRA assets. If you are 70½ or older, you can give any amount up to $100,000 per year from your IRA directly to University Liggett School. You will not pay income taxes on the transfer. If you are required to take minimum distributions, you can use this transfer to satisfy all or part of your obligation.

Help offset the tax liability on a retirement account withdrawal.  If you are 59½ or older, you can take a distribution from your retirement plan account and then make a gift to University Liggett School without an early withdrawal penalty. If you itemize your deductions, you can take a charitable deduction for the amount.