As you have likely heard, a new tax bill was passed this week with many changes including the tax consequences of your charitable giving. As the
Wall Street Journal
wrote: "For millions of Americans the most important tax planning tip between now and the end of the year is to check your charitable contributions." (
Read the full text of the article
.)
The
Journal
article recommends establishing a donor-advised fund as an appropriate solution for many donors. You can establish the fund now, with as little as $5,000, and decide what charities you want to give to in the future. If you could benefit from this effective and efficient way to give, the Community Foundation is poised and ready to help set one up before the end of the year.
Of course, if you already have a fund, it may make sense to consider a significant contribution to it before the close of the year. Giving now, while current tax laws are in effect, is an unprecedented opportunity for you to make a huge difference with your charitable dollars.
If giving through the Community Foundation of Orange and Sullivan, the last day to accept gifts of cash, checks or securities is
December 31, 2017. (
Click here for instructions to gift securities.) However, to ensure that gifts of securities are transferred from your clients' accounts by the December 31 deadline, we strongly recommend that you complete these transactions by
5:00 p.m. on Thursday, December 28 at the latest.
Please contact us at (845) 769-9393 or email
Elizabeth
or
Michelle if we can be of assistance.
Thank you for your continued support of our communities!
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