Tax benefits

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Improve Your Impact Through Planned Giving

Planned giving is one of those things everyone thinks they know, but often do not. While there are several ways of defining planned giving using technical language, this simple description works in almost every situation: A planned gift is any gift that takes more than two minutes to make. Essentially, a planned gift is any [...]

By | March 2nd, 2020|Cleveland, Funds, Giving, News, Tax benefits|Comments Off on Improve Your Impact Through Planned Giving

The Secure Act and the QCD (qualified charitable distributions)

You can experience the joy of giving—by transferring some of your IRA funds directly to charity during your lifetime without first counting it as income and paying federal income tax on it. The “Setting Every Community Up for Retirement Enhancement” Act, aka the SECURE Act, was signed into law on December 20, 2019. The SECURE [...]

By | February 19th, 2020|Funds, Giving, News, Tax benefits|Comments Off on The Secure Act and the QCD (qualified charitable distributions)

The End of the Year is Near!

Even in the midst of the holiday rush, there’s still time to think about your 2019 tax strategy. Do you run the risk of paying taxes? Are you in need of tax deductions? The Community Foundation of Cleveland and Bradley County can help you navigate your charitable giving with some creative asset options. Your donations [...]

By | December 11th, 2019|Funds, Giving, Tax benefits|Comments Off on The End of the Year is Near!

How to Give Strategically

The Tax Cut & Jobs Act of 2018 (Tax Reform) almost doubles the size of the standard deduction from $6,350 to $12,000 for single taxpayers. For couples filing jointly the standard deduction increases from $12,700 to $24,000. This will reduce the number of taxpayers who will itemize their deductions—including charitable gifts. Tax reform may provide [...]

By | November 26th, 2018|Cleveland, Funds, Giving, Tax benefits|Comments Off on How to Give Strategically

Time for a ‘Paycheck Checkup’

In IR-2018-120, the Internal Revenue Service urged taxpayers to use the Withholding Calculator on www.IRS.gov for a "Paycheck Checkup" to make sure they have the right amount of tax taken out of their paychecks for their personal situation. The passage of the Tax Cuts and Jobs Act (TCJA), brought many changes that will affect taxpayers. [...]

By | May 31st, 2018|Giving, News, Tax benefits|Comments Off on Time for a ‘Paycheck Checkup’

The New Tax Law: Donor Strategy – Bundling your Gifts

At the Community Foundation, we strive to build partnerships with our donors and provide the latest in philanthropic news and tax law changes. There is concern that the large increase in the new Standard Deduction could possibly remove the advantage of deducting charitable contributions. Here’s why: if your total deductions don’t exceed the new larger [...]

By | April 4th, 2018|Cleveland, Funds, Giving, Tax benefits, Uncategorized|Comments Off on The New Tax Law: Donor Strategy – Bundling your Gifts