According to Laura Saunders at The Wall Street Journal, “For millions of Americans, the most important tax-planning tip between now and the end of the year is to check your charitable contributions.”
You want to make a charitable donation before the end of the year, but you are running out of time. Sound familiar?
WE CAN HELP.
By creating a new donor advised fund at the Community Foundation before December 31, or contributing to your existing fund, you can get a 2017 deduction for your donation, but you can decide on your charitable recipients later.
Using your donor advised fund has many advantages over other forms of traditional giving. You have the ability to take a tax deduction now and then make your decisions about the ultimate charitable beneficiaries of your donation later. In the hustle and bustle of the holiday season, we can help you put time back on your side.
You have the option of making your charitable distributions from your donor advised fund in your name, in the name of your fund, or even anonymously. A donor advised fund gives you a great deal of flexibility.
You will receive one tax receipt from the Community Foundation instead of having to gather multiple receipts from multiple charities. You can make tax time much easier next year.
You can more easily donate appreciated securities or other assets to the Community Foundation for your fund to achieve additional tax savings.
As a fund holder, it is so easy to do your charitable giving through your existing donor advised fund. Donations by check should be made payable to the Community Foundation of Cleveland and Bradley County with your fund name noted in the memo section. Often, however, appreciated assets other than cash will yield the most tax benefits when used for your charitable deduction.
We are happy to work with you and your financial advisor to determine what is best for your situation. Contact Lisa Geren with questions or for more information.
Because New Year’s Eve falls on a Sunday, all donations must be postmarked or delivered by December 30 to qualify for a 2017 tax deduction.
