on Monique's mind
Will the new tax law change how you give?
I spent a lot of time in January thinking about the new tax law and how it is going to impact charitable giving. Have you ever heard the phrase another day, another dollar? I’ve heard all three of my brothers say it throughout my lifetime. For us it means we are blessed to awaken, to use the day to work hard, and to make the money we need to care for our families.
My brothers are all hard working, not unlike the many people who wake up all over the country trying to make a difference in this world. Over the past year, navigating how to make a difference through philanthropy has become tricky, at best, intimidating at its worst. If you are like me, with limited funds to donate, you govern those gifts with integrity by researching organizations and opportunities to affect change and to support what is most meaningful to you and your family. Ideally, philanthropy is an extension of values and hope for our collective future in this world.
As I continue to work to understand the new tax laws and how they are going to affect the causes I love, I remain determined to continue giving. Without a doubt, my family’s giving habits will not change. Now, how it benefits me will likely change. So the deciding question to ponder is – was I actually giving to personally benefit financially or was I giving to make this world a better place? Honestly, both.
I dove deep into articles and studies about how the tax laws at the federal level will trickle into the giving habits of the people in our community. How to Write Off Donations Under the New Tax Plan: Consider ‘Bunching’ (New York Times, Dec. 20, 2017) hits home in answering the questions for some of us who are able to start donor advised funds and extend the energy into being very thoughtful about our giving over multiple years. It takes planning.
Another informative article, GOP tax law a one-two punch to charities — and American giving (Politico, Jan. 13, 2018), addressed some fundamental questions about tax deduction changes.
I am hopeful that the new tax law won’t hurt giving. But, no one really has the answers. I hope you agree that your individual giving to nonprofit organizations is not only an option, but a necessity. Visualize change with your donations. Stay at the table to realize that change.
We’re available to discuss this new giving territory. We’re happy to sit down with you to examine the impact of your giving. Please give us a call.
February 2, 2018