Tax benefits

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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