Have you been on the fence waiting to see if the tax bill would pass, and then, to see what it would include? Well, wait no more. For most people who are charitable, there is no doubt that making a gift in 2017 will bring more advantages than waiting. And, as of today, Saturday, December 23, there is less than a week to make your gift.
The tax bill eliminates most itemized deductions, leaving only charitable contributions, mortgage interest, property taxes, and retirement savings. The standard deduction for most filers, however, is doubled. Many taxpayers who have itemized their deductions in the past will no longer have deductions in excess of the standard amount beginning in 2018.
Considering these changes, taxpayers with deductions in excess of the standard for 2017 may find it advantageous to maximize their deduction in 2017 by making additional charitable contributions before the end of the year.
You may also see additional benefits because the income tax brackets have adjusted higher in range but lower in the tax rate. A gift of the same size next year, even if your itemized deductions exceed the standard minimum deduction, will receive less tax benefits because of the changes to brackets.
Not sure what you want to do and feeling rushed? Donor-advised funds at the Community Foundation of Western Nevada are a great December gifting tool. Use assets now to establish the fund, take the tax deduction now, then take your time deciding where and when to make grants.
We have easy forms to fill out and can quickly accept transfer gifts of appreciated stock and cash. All can be done in a matter of hours. Stocks may be particularly attractive because the market is at all-time highs.
Call us at 775-333-5499 to learn more! I’ll go out on a limb here… if you want to reach me anytime between now and end-of-day on December 29th you are welcome to email me.
Chris Askin, President, and CEO
Connecting people who care with causes that matter