Last year the federal government passed the Tax Cuts and Jobs Act reducing tax rates and increasing the standard deduction to $12,000 for single filers and $24,000 for joint filers. This increase provides taxpayers a choice to either itemize their deductions or claim the standard deduction. The provisions of the new tax law will touch the life of virtually every American in some way for better or worse.
As the end of year approaches, now may be the ideal time to review your important financial decisions. Thoughtful planning today can help balance your philanthropic and personal goals. You may want to consider a few strategies that can provide you with both tax and non-tax benefits.
Gifts of cash
The new tax law allows itemizers to deduct contribution up to 60% of their AGI. Click here to GIVE
Make an Outright Gift of an Appreciated Asset to the Y
With the strong performance of the investment markets in recent years, it may be advantageous to make gifts of securities. This strategy may provide income and capital gains tax savings when you gift them directly to the Y, rather than selling them and donating the proceeds.
Have securities that have decreased in value? Consider selling the asset and claim a capital loss then gift the proceeds to the Y and qualify for a charitable deduction.
Click here to learn more.
Your required minimum distribution can make a difference.
If you are 70½ you can roll over up to $100,000 from your IRA to charity. You won’t be taxed on the transfer and it counts against your required distribution. Best of all, it’s easy.
Contact us or your IRA administrator to see how you can roll over into tax savings. For more information click here.