We are in the midst of tax season here at our firm and yet we are also focused on planning and not just tax planning. The tax changes for 2018 include an increased standard deduction making it difficult for many of us to itemize as we have done in the past. Additionally as part of the new Tax Act the income-based percentage limit for charitable contributions has increased to 60%. Because of these changes charitable planning may become an important part of our planning conversation.

We can help advise on how to implement and plan your charitable giving to help maximize your tax deduction and help you achieve your charitable giving goals among your other financial goals. There are many ways to get your charitable giving accomplished via donor advised funds, direct contribution from your IRA, beneficiary designations, charitable trusts, donation of appreciated stocks and so on with varying result on your tax situation.

Planning in advance and over a series of years will allow you to fulfill your philanthropic mission and frame current or future income tax benefits as a result of your giving.

~ Debby Jacobs, CPA