At the start of 2018, many of the provisions of the Tax Cuts and Jobs Act took effect. This legislation represents the most far-reaching changes to the Federal Tax Code in more than 30 years.
While the new tax laws phased out some itemized deductions, the final version of the legislation makes charitable giving even more attractive for higher income donors as they will now be able to deduct their donations in full.
Other changes, such as the repeal of the Pease Limitation, will make charitable and other deductions more valuable for the most generous donors. Full advantages of gifts of appreciated assets and directed gifts from IRAs also remain.
As you consider your year-end giving, please consider the tax benefits of charitable giving. United Way of Miami-Dade has both outright and planned giving options to help you fulfill your philanthropic interests, including donor advised funds, charitable gift annuities, IRA rollovers among other choices.
We encourage you to consult with your financial advisor to take advantage of these tax incentives.