Follow these innovative year-end giving ideas to reduce your potential tax hit or even boost your income this year while getting a tax break.1. Giving and Receiving When you make a gift to St. John's University, you not only make a difference in the lives of others, but you also are eligible for a tax deduction when you itemize. Writing off the amount you're donating results in lower taxable income to you.2. Getting Income From Your Gift Would you like a steady income flow now? Consider setting up a life income gift to benefit St. John's University. You or someone else you name can receive income for the rest of your life in exchange for your gift of cash or securities, or possibly real estate. Plus, you get a partial charitable tax deduction the year you make the gift. Once the payment period ends—or you or your beneficiary passes on—the remaining assets go to us.3. Using Tax-Smart Strategies to Make Gifts Donate appreciated property. If you give us property you have owned for more than a year, you can write off the amount of the asset's full value on the day you make the gift, and you won't owe tax on its appreciation.Sell property that's valued below your original purchase price and donate the cash to us. You can take a capital loss to the extent allowed by law, and receive a charitable deduction for the cash gift, reducing your taxable income.Knowing this information can help you decide the best moves for you to make now, before timing becomes an issue. Contact us at 718-990-7562 or damianis@stjohns.edu to learn more.