The new tax legislation will impact most taxpayers and also presents a unique opportunity for 2017 year-end giving, particularly using donor-advised funds.
Here are few tax implications you might consider as the year comes to a close:
The tax reform increases the standard deduction so that fewer individuals will itemize deductions in 2018. If you are unlikely to itemize your deductions under the proposed new law, consider making a gift in 2017.
In 2018, many taxpayers will have a lower tax rate. To maximize the charitable deduction, consider making or accelerating your gifts in 2017.
Donor-advised funds allow you to make a gift now and choose in 2018 which charitable causes to support – and even beyond. We can help you create a donor-advised fund before the year ends.
The last business day of 2017 is next Friday, December 29.
We recommend consulting with your financial and legal advisors to determine the best giving solutions for your individual or business circumstances.
Arkansas Community Foundation is your partner in smart giving and we’re ready to help you make the most of the changing tax landscape. Thank you for your trusted partnership and best wishes for a very happy holiday season.
In Service,
Heather Larkin,
President & CEO
Visit Advisor’s Corner for more news, tips and tools for professional advisors.