Tax Reform and Charitable Giving
In December 2017, Congress approved the Tax Cuts and Jobs Act, which led to the most far-reaching changes to the tax code in more than 30 years. Taxpayer ability to take itemized deductions is subject to certain limitations. As a result of this tax code change, SFX has seen an increase in donations from donor-advised funds in the past few months as parishioners adjust their giving strategies.
Other strategies that could help taxpayers maximize the benefits of the new tax laws on charitable giving include:
- If you are age 70½ or older, consider making a tax-free gift to SFX through an IRA charitable rollover.
- If you have experienced gains in the financial markets this year, consider donating appreciated securities to avoid paying capital gain taxes.
SFX does not provide tax, legal or accounting advice. Please consult your attorney or tax advisor to evaluate your tax deductibility limits and benefits for any of these options.