In the News: Tax Reform and Charitable Giving
Tax Day is behind us. What lies ahead?
Tax reform legislation was signed into law back in December, but many people haven’t yet realized the full impact of the changes — and they won’t, until they delve into their 2018 tax planning.
This Forbes article provides a good summary for the individual taxpayer. In particular the discussion of “bunching” of deductions seemed particularly relevant — especially with the use of donor advised funds — to bundle two (or more) years of charitable giving into a single year’s tax deduction.
Some donors treat their donor advised fund as a simple “charitable checking account” that helps relieve some of the administrative burden of making contributions to several charitable causes during the year. But other donors see it as the starting point in the discussion of their philanthropic interests — a journey that considers their personal values and their vision for their legacy. Here at the Community Foundation, we stand ready to assist you as you navigate that journey with your clients. Read the full article in Forbes.