Lock in a 2016 Charitable Deduction with a Donor-Advised Fund

Lock in Your 2016 Charitable DeductionWith the changing political landscape in Washington, D.C., many are expecting our current tax laws to change.
 
While we cannot predict the outcome of the potential tax reform, we believe that giving now, under the current tax code, will provide maximum tax benefits.
 
Here’s what you should know.

  • President-elect Donald Trump’s plan, if adopted, would diminish the value of the charitable deduction for top earners, due to lower tax rates and limits to itemized deductions.
  • Even if Trump’s plan is not adopted, the likelihood that tax rates will increase and the charitable deduction will become more favorable to generous givers is very low.
  • The deadline to make a tax-deductible contribution in 2016 is quickly approaching, but it is not too late. We stand ready to help set up donor-advised funds or facilitate giving to existing funds to offset donors’ taxable income.

There’s still time to take advantage of the current tax laws, locking in your 2016 charitable deduction. Please consult your tax advisor to discuss options.  
 

President Debbie Wilkerson

 

  Authored by: Debbie Wilkerson, President & CEO