YEAR-END GIVING ALERT: Tax Reform Impact on Charitable Deductions
2017 may be the last year many donors will be able to itemize charitable deductions
We are so grateful for our generous donors, and realize tax incentives are often secondary to your commitment to helping your community and the causes you care about. However, we wanted to share some important information regarding the recent tax legislation.
Due to the tax reform just enacted, your community foundation is losing a major incentive that builds our capacity to improve life here in West Chester and Liberty Township as many people will no longer itemize their deductions, including charitable ones. 90% of taxpayers will no longer receive a benefit from deductions like charitable donations. We worry that the research will be on target and that thousands of Ohioans will reduce or end their contributions to local nonprofits. Your philanthropy means more now than ever; consider increasing or making an additional gift to the Foundation before December 31st, so we can go strong into 2018 and together work to build a stronger, more vibrant community.
What can I do?
Give now…and give big. Contact your tax advisor to review the best philanthropic strategy for your financial situation.
Learn more about these changes from Chronical on Philanthropy.
Our friends at Flynn & Co. CPAs and Business Consultants have offered some year-end charitable giving advice.
Contact Erin Clemons to discuss your giving options at the Community Foundation – 513.682.8062 or firstname.lastname@example.org