The New "Bunching" Strategy May Help Maximize Your Giving
Many Americans will be assessing the timing of their charitable giving as they determine if they will continue to itemize their deductions under the new tax law. Those who will itemize in future years may use a strategy known as "bunching" to ensure they get the maximum tax benefits for their charitable contributions. This strategy, combined with a donor-advised fund or charitable giving account, is helping donors meet their charitable goals. The New York Times also covered this strategy, click here to read about it online.
At the Community Foundation, we are working closely with donors and their tax advisors to help them “bunch” their charitable contributions into their own personal donor-advised funds in one calendar year. This will ensure these donors have enough charitable donations to exceed the standard deduction, which will increase significantly in 2018. Donors will then direct the dollars in their donor-advised funds to support their favorite charities, maintaining their previous donation levels and schedules.
The Kansas City Star visited our office recently during our busiest time of year to learn more. Click here to read the article or watch the video below.
Authored by: Ashley Hawkins, Content Specialist