Tax Reform and Opportunities For Year-End Giving
For many GTCF donors, 2017 may be the last year to receive income tax savings from charitable gifts. With the passage of the new tax bill, making a gift by December 31, 2017 could enable you to take advantage of tax savings that will not be available starting next year.
Greater Tacoma Community Foundation is committed to providing you the best resources for your philanthropic goals. We know that people do not give because of tax incentives but with this change it may affect how much people are able to give. The information below can support you in making decisions about year-end giving.
Immediate actions you can take:
· Make a gift to your existing GTCF donor-advised fund.
· Open a new donor-advised fund with GTCF. You can open a fund for as little as $10,000.
· Talk to your tax advisor or accountant about other ways you can take the maximum charitable deduction for this year. This may include gifts of long-term appreciated property or stock.
· Talk with your financial advisor about how the new tax law will impact your charitable giving.
This NY Times article explains how a donor advised fund allows contributors to donate money and take a tax deduction in the same year, then pay the money to selected charities over time:
GTCF’s donor services can help you with setting up or adding to an existing fund. They can also assist you in identifying organizations that align with your philanthropic goals.
If you have any questions, please do not hesitate to call us at (253) 383-5622 or email Donor Services.