By Kelly Blanks, Community Foundation for Northern Virginia
You probably know that Congress just passed an extensive tax bill that will impact the consequences of charitable giving. However, did you read yesterday’s New York Times article, How to Write Off Donations Under the New Tax Plan: Consider ‘Bunching’? They wrote:
“Under the new bill, the standard deduction – the amount taxpayers can subtract from their taxable income without listing, or itemizing, deductions on their tax returns – will rise to $12,000 for individuals and $24,000 for married couples. That means people who are close to the cutoff may stop giving altogether, as they may no longer see tax savings from their giving. Or they might consider pooling their gifts in certain years to beat the expanded standard amount and maximize their tax savings through itemization……’A donor-advised fund is an ideal solution for this,’ said Timothy M. Steffen, director of advanced planning at Baird’s private wealth management group.” Read the full text of the article here.
We are experts in donor advised funds. It is not too late to set one up at our Community Foundation before year end or help you add to the donor advised fund you already hold with us.
When you open a named donor advised fund at our Community Foundation, you optimize your tax benefits while making a difference with your charitable dollars. Our donors want results and measurable returns on their philanthropic investments. They want to give like it matters, like it will make an actual difference. At the Community Foundation for Northern Virginia, you can count on us to help you make a difference with all of your charitable giving, now and into the future.
Kelly Blanks is the Chief Philanthropy Officer at the Community Foundation for Northern Virginia.