Tax Attorneys Â» Illinois Â» Decatur. Decatur, Illinois Tax Attorneys. Find the Right Lawyer Now. The government of Decatur, Illinois collects taxes from its residents in order to pay for general public services, like police and fire departments, libraries, hospitals, and public transit. In Decatur, Illinois, taxes are derived from different sources.
Can I donate stock to charity? Giving stock, instead of cash, as a donation can greatly benefit both parties. You will find that most charities, hospitals, schools and other nonprofit organizations will accept stock as a gift or donation. If the stock has increased in value from the time of purchase, the owner can avoid paying the capital gains tax by donating the security to another party.
That way, you'll avoid the capital-gains taxes on the profit. Say you bought 100 shares of a stock at $10 and it's now worth $40 per share. If you give the stock to charity, you won't have to pay the capital-gains taxes on the $3,000 in profit.If you held the stock for more than a year and are in the 15% long-term capital gains tax bracket, that move will save you $450 in taxes, which you'd owe if you sold the stock first.ay you bought 100 shares of a stock at $10 and it's now worth $40 per share. If you give the stock to charity, you won't have to pay the capital-gains taxes on the $3,000 in profit.