The GRBJ reached out to Ellie Winter, CFP® in October to discuss how the new 2017 tax law impacts taxpayers’ charitable giving strategies. Ellie, along with Shaun Shira of the Grand Rapids Community Foundation, offers ideas on how to continue giving tax-efficiently to your charities of choice.
Under the new tax law, taxpayers who itemize their deductions can still claim charitable deductions. But with standard deductions essentially doubling beginning this year, most taxpayers will no longer find it beneficial to itemize annually. In the GRBJ’s piece, “New tax law changes charitable giving strategies,” Ellie discusses how to continue giving regularly and tax-efficiently to the charities of your choice by leveraging Donor Advised Funds (DAFs), IRA Charitable Rollovers and other planning strategies.
With or without a tax break, many charitably inclined individuals will still want to donate regularly. But if you can get an extra tax break as well, it can free up even more assets for your charitable intent, while make the giving even sweeter.