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ACTION REQUESTED: The bipartisan Charitable Act proposes to restore and expand the universal charitable deduction through 2024. It would raise the previous cap from $300 for individuals ($600 for joint filers) to approximately $4,600 for individuals ($9,200) for joint filers, providing additional incentives for charitable giving. Individuals continue to reduce their giving in the face of the high cost of living and continued inflation. According to the Association of Fundraising Professionals (AFP Global), the latest Fundraising Effectiveness Project report noted that donors contributing less than $500 were responsible for 79.3% of the overall decrease in donors. Please sign the petition to incentivize giving!https://lnkd.in/efUK_-vH #philanthropy #incentives #nonprofits

Charitable Giving Made Easy with Donor-Advised Funds Are you looking for a tax-efficient way to give back this holiday season? Donor-advised funds (DAFs) can be a great solution. DAFs allow you to make a charitable contribution, receive an immediate tax deduction, and recommend grants from the fund over time. Ask us about how DAFs can help you create a strategic giving plan for years to come. #CharitableGiving #DonorAdvisedFunds #HolidayGiving#CentrusFinancial

Basics of Charitable Planning The purpose of this series is to provide an overview of charitable organizations and charitable planning options. After attending these courses, you should have an understanding of the charitable vehicle alternatives, charitable deductions (income, gift and estate), split-interest trusts (charitable remainder trusts and charitable lead trusts), and charitable planning for gifts of complex assets. -Charitable Organizations 101 October 29, 2024 -Charitable Tax Deductions - Don't Let the Deduction Get Away November 26, 2024 -CRUTs, CLATs and ... WHAT? An Introduction to Charitable Split Interest Trusts December 10, 2024 -Charitable Gifts of Complex Assets January 7, 2025 https://lnkd.in/gYb3xAKf #RPTElaw #trustandestate #charitableplanning #charitablegifts #tax

Every nonprofit, consultant, funder, and business should please read and sign this letter so that Americans who don't itemize their taxes may regain a better charitable deduction for their gifts! According to the letter, "The Charitable Giving Coalition (CGC) strongly urges Congress to increase charitable giving in the U.S. by permanently restoring a charitable deduction for non-itemizers in any 2024 year-end tax package and/or final 2025 tax reform package." Senators Lankford and Coons introduced the Charitable Act to expand and extend the expired non-itemized deduction for charitable giving. Thanks to Association of Fundraising Professionals (AFP Global) for sharing this information in their e-newsletter! Link in first comment.

A DAF acts as a charitable giving vehicle, allowing donors to make a contribution and receive an immediate tax deduction. However, the funds may be distributed to charities over time, based on the donor's recommendations. This mechanism not only provides a tax benefit at the point of contribution but also offers the flexibility to support chosen causes when the time is right. Kristin Hammett from The Signatry joins us to explore the profound impact of DAFs on family giving. "It really changes the equation for how families can consider their generosity," she notes. With a DAF, the concept of generosity extends beyond cash donations to include a variety of assets like real estate, stocks, or even a 401k. While donors' wishes are typically honored, Hammett points out that in rare cases, recommendations may be declined due to legal conflicts or misalignment with the values of faith-based organizations. The conversation underscores a key message: stewardship and generosity encompass all that we have, not just our immediate cash flow. DAFs offer a strategic approach to giving, one that aligns with the belief that "God owns it all," as Hammett eloquently puts it. Listen to the full episode here: https://lnkd.in/gt5UBk2t #Philanthropy #DonorAdvisedFunds #StrategicGiving #TheEffectiveGivingPodcast

My girls and I had a blast at the annual Westmoreland County Croquet Tournament, a cherished charity event from my childhood (and yes I won the 1996 children’s tournament with Jeff Farrell despite my eldest not believing me and telling me I needed to practice more). Sharing some tips on charitable deductions as the personal tax filing deadline nears: - A charitable donation is a gift of cash or property to a nonprofit organization. - Donors must receive nothing in return for the gift. - Ensure the recipient organization qualifies for tax-exempt status. - Be aware of the deductible value and proof required for each donation. - Maintain records of all donations to support deductions. - Remember there are limits to the deductible amount. Understanding these limits and choosing between itemizing or taking the standard deduction based on your filing status is crucial this tax season. #pragermetis #davidofftaxlaw #bononiandco #yourworldworthmore #charitabledeductions #taxes

Do you have a Donor-Advised Fund? Helping the less fortunate has been embedded into American culture since the inception of our country. One of the best ways you can support a non-profit organization is through the donation of appreciated stock. A Donor-Advised Fund (known as a DAF) like CharityVest - https://lnkd.in/eBTS4XGQ - provides an easy, inexpensive and convenient way to donate cash, appreciated stock, and other non-cash assets to help you make a greater impact with your charitable giving while reducing your tax burden. 1) Become eligible for an immediate tax deduction of up to 60% of your Adjusted Gross Income. Those funds could then be invested for tax-free growth and you can recommend grants to virtually any IRS-qualified public charity. 2) Lower your capital gains taxes by donations of long-term (more than one year) appreciated stock directly to the DAF. 3) Make your contribution by December 31 to enjoy tax benefits on your return. You can then make contributions to your favorite charities within your own time frame (without being rushed). 4) The DAF simplifies all your record keeping and organization. The DAF sends the donations as well as acknowledgement letters to you and the charities that you recommend for grants. Although there are many ways to create a legacy through your will and other estate planning devices, a DAF is a fairly easy and straightforward method to increase your family's ability to both help your favorite causes while reducing your tax exposure. Please consult your legal and tax planning professionals for additional information on DAFs and your personal tax circumstances.

Charitable giving creates a win-win situation for everyone involved: the charity and its beneficiaries, the broader community investment, and the donor who gains an immediate tax deduction. With upcoming tax cuts, there are innovative strategies to structure your charitable contributions to maximize the impact of your generosity. Thank you Noel Whittaker and Australian Philanthropic Services for this helpful article. #CharitableGiving #TaxSavings #APSFoundation #Philanthropy #FinancialPlanning

The Best Ways Georgians Can Incorporate Charitable Giving Into Their Estate Plans Estate planning in Georgia offers a chance to protect your wealth and leave a lasting legacy through charitable giving. Strategies like charitable trusts, donor-advised funds, and outright gifts can support causes you care about while providing significant tax benefits. Learn how to make a difference for generations to come. Click the link to learn more: https://lnkd.in/ey2riSWW . . . #EstatePlanning #CharitableGiving

Potential #Congress decisions #philanthropy and #nonprofits are watching in 2025: expanding the itemized charitable deduction, higher taxes on endowment and foundation income, scrutiny of donor-advised funds, and revoking the tax-exempt status of "business-like charities" (like hospitals and athletic associations). Deft summary from Ben Gose The Chronicle of Philanthropy https://lnkd.in/es-BRkvQ