Your Gift Makes a Difference
Through your faithful giving, St. Theresa Parish is able to make lasting impacts here in our local community as we work to bring more people into relationship with Jesus and the Church.
“Each must do as already determined without sadness or compulsion, for God loves a cheerful giver. Moreover, God is able to make every grace abundant for you, so that in all things, always having all you need, you may have an abundance for every good work.”— 2 CORINTHIANS 9:7-8
The first time you visit GiveCentral.org you can establish a payment profile, or you may use the Guest Pay option for a one-time payment.
St. Theresa’s online payment partner is GiveCentral.org, a secure (PCI-compliant) interface for making donations/payments to our parish. You may make both one-time and recurring gifts by credit card (Visa, MC, Discover or America Express) or electronic withdrawal from your checking or savings account.
WAYS TO GIVE
God tells us that He loves a cheerful giver. He will always provide, in abundance, for our needs.
There are three basic ways to financially support St. Theresa Parish with your weekly offertory.
Set up your recurring gift on GiveCentral.
Make a one-time gift on GiveCentral.
Mail in your parish envelope or put it in the collection basket.
When you visit our GiveCentral site, you will see many more opportunities to support St. Theresa Parish and School, and the larger global church, including special collections.
Qualified Charitable Distribution (QCD) as a Year-end Tax Strategy
If you have an Individual Retirement Account (IRA) and you are 72 or older, you probably know that you must take your required minimum distribution (RMD) before the year ends. However, did you know that you can fulfill all or part of your RMD and reduce your taxable income by transferring funds directly from your IRA to St Theresa Parish?
Don’t wait until it’s too late to benefit from reduced taxes. If you would like more information on how to make a QCD gift to St Theresa, contact Tom Galvan, St Theresa Business Manager at 847-358-7760 ext 105.
Another Year-end Tax Strategy – Donor Advised Funds (DAF)
Since the IRS changed tax laws to increase the standard deduction (for 2022: $12,950 for single and $25,900 for married taxpayers), the itemization of charitable deductions has become more challenging. A Donor Advised Fund (DAF) is a tax strategy that allows you to bundle an irrevocable charitable commitment for a current year deduction and allow you to donate over a period of time in the future. Consider creating a DAF with a sponsoring organization (broker) in the next few weeks to increase your itemized deductions for 2022.
If you would like more information on how to create a DAF, contact Tom Galvan, St Theresa Business Manager at 847-358-7760 ext 105.
Your best year end move yet! Tax Credit Scholarship (TCS)
Yes, the Tax Credit Scholarship (TCS) remains intact despite talk by the Illinois Legislature to water down this valuable strategy. The TCS provides you a 75% state tax credit on your IL 1040. That means a dollar for dollar reduction of taxes if you are subject to IL state income tax. Then, as an added incentive, the Archdiocese of Chicago will match any donation at a rate of 1 to 1 when you fund this scholarship after December 1, 2022. This is a change from last year’s 2 to 1 match and only up to $75,000 per school (so, $150,000 for both donor plus Arch).
If you would like more information on how to set up and donate toward the Tax Credit Scholarship, detailed instructions can be found at the link above. Or feel free to contact Tom Galvan, St Theresa Business Manager at 847-358-7760 ext 105.