Charitable Giving comes in many different forms. With the Community Foundation you have flexibility, options and an experienced team of professionals to help you. There are options for donors to balance the right combination of options for maximum impact and benefit, known as blended gifts. Blended gifts can maximize a donor’s ability to make a [...]
As 2022 is coming to a close it is the perfect time to re-evaluate your investment portfolio to ensure it is well-balanced and aligned with your long-term goals. One strategy to consider is rather than a conventional portfolio rebalancing strategy of selling stocks and buying bonds, consider the strategy of transferring out-of-balance and highly appreciated [...]
Even in the midst of the holiday rush, there’s still time to think about your year-end tax strategy. Do you run the risk of paying taxes? Are you in need of tax deductions? The Community Foundation of Cleveland and Bradley County can help you navigate your charitable giving with some creative asset options. Your donations [...]
Required minimum distributions (RMDs) are back: Temporarily waived in 2020 under the CARES Act, these mandatory IRA distributions will once again need to be completed by year's end. Retirees who did not take their RMD in 2020 may also find they need to take an even larger distribution this year because their account balance has increased. One [...]
Expanded charitable contribution deductions For charitable contributions made in 2020, there is now available an unlimited charitable deduction for cash contributions to public charities, for taxpayers who itemize deductions (file Schedule A as part of their Form 1040). This means that for every dollar contributed, an income tax deduction will be allowed up to the [...]
Planned giving is one of those things everyone thinks they know, but often do not. While there are several ways of defining planned giving using technical language, this simple description works in almost every situation: A planned gift is any gift that takes more than two minutes to make. Essentially, a planned gift is any [...]
You can experience the joy of giving—by transferring some of your IRA funds directly to charity during your lifetime without first counting it as income and paying federal income tax on it. The “Setting Every Community Up for Retirement Enhancement” Act, aka the SECURE Act, was signed into law on December 20, 2019. The SECURE [...]
The Tax Cut & Jobs Act of 2018 (Tax Reform) almost doubles the size of the standard deduction from $6,350 to $12,000 for single taxpayers. For couples filing jointly the standard deduction increases from $12,700 to $24,000. This will reduce the number of taxpayers who will itemize their deductions—including charitable gifts. Tax reform may provide [...]
In IR-2018-120, the Internal Revenue Service urged taxpayers to use the Withholding Calculator on www.IRS.gov for a "Paycheck Checkup" to make sure they have the right amount of tax taken out of their paychecks for their personal situation. The passage of the Tax Cuts and Jobs Act (TCJA), brought many changes that will affect taxpayers. [...]
At the Community Foundation, we strive to build partnerships with our donors and provide the latest in philanthropic news and tax law changes. There is concern that the large increase in the new Standard Deduction could possibly remove the advantage of deducting charitable contributions. Here’s why: if your total deductions don’t exceed the new larger [...]