Time is Running Out to Maximize Your Charitable Donations
Under the newly passed tax reform bill, charitable giving will likely be affected. As with any economic change, you may be looking at your finances and wondering how you will be impacted. The Tax Cuts and Jobs Act provides for several new lower tax rates, nearly doubles the standard deduction, and eliminates personal exemptions and almost all itemized deductions.
If you are one of many taxpayers who will no longer itemize deductions after this year, and if you would be considering making a charitable gift over the next several years, we would like to suggest that you consider making a gift before the end of THIS year to realize the full tax benefit.
In addition, it may make sense for you to accelerate some charitable contributions planned for 2018 into 2017 to get a larger income tax charitable deduction this year.
To make sure you see a tax break for this year (when you itemize deductions on your income tax returns), you must make your gift before Dec. 31.
If you plan to send a gift by mail, we recommend that you send your gift via the U.S. Postal Service with a postmark on or before Dec. 30 (the last day post offices are open).
If you plan to make a gift of stock, we recommend you initiate the transfer as soon as possible, to allow time for processing and to ensure the transfers are executed by Dec. 29 (the last business day of the year).
Please consult with your tax or financial advisors to determine the best charitable giving strategies for you. If we can answer any questions or if you would like to discuss a possible gift to St. Joseph’s Hospitals Foundation, please contact us at (813)872-0979.