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News & Events

News & Event

Year-End Giving and Tax Reform

Optimize your tax benefits while amplifying the impact of your charitable dollars.

Downtown Cincinnati at Government Square

You probably know that Congress just passed an extensive tax bill that will impact charitable giving. However, did you read last week's New York Times article, How to Write Off Donations Under the New Tax Plan: Consider 'Bunching'?

They wrote: "Under the new bill, the standard deduction - the amount taxpayers can subtract from their taxable income without listing, or itemizing, deductions on their tax returns - will rise to $12,000 for individuals and $24,000 for married couples. That means people who are close to the cutoff may stop giving altogether, as they may no longer see tax savings from their giving. Or they might consider pooling their gifts in certain years to beat the expanded standard amount and maximize their tax savings through itemization......'A donor-advised fund is an ideal solution for this,' said Timothy M. Steffen, director of advanced planning at Baird's private wealth management group."

At the Greater Cincinnati Foundation, we are experts in donor advised funds. It is not too late to set one up at GCF before year end, nor is it too late to add to the donor advised fund you already have with us.

When you open a donor advised fund at the Greater Cincinnati Foundation, you optimize your tax benefits while amplifying the impact of your charitable dollars. At the Greater Cincinnati Foundation, your vision is our mission, and we have the right team in place to accomplish your goals.

Here is a link to our guide on making the most of your Year End Giving. If you have questions, please contact a member of our Donor and Private Foundation Services staff or call our office at 513-241-2880

Posted Dec. 27, 2017