Dear Colleagues and Friends:
Whether we like it or not, tax reform is here. As with any economic change, you may be assessing your finances and wondering how you will be impacted, here at NHCOA, we are. It is important for us to share with you that this newly passed legislation may impact the tax benefits of your 2018 charitable giving, particularly if you currently itemize.
The Tax Cuts and Jobs Act provides for several new lower tax rates, it nearly doubles the standard deduction, and eliminates both personal exemptions and almost all itemized deductions. Although the legislation maintains the current-law income tax charitable deduction, it will significantly reduce the number of taxpayers who itemize and effectively eliminate the income tax charitable deduction for a vast majority of Americans.
If you plan to itemize for 2017, you may wish to consider making a gift this calendar year to realize the full tax benefit. Additionally, it may make sense for you to accelerate some charitable contributions planned for 2018 into 2017 to receive a larger income tax charitable deduction this year.
It’s Not Too Late
To ensure you maximize a tax break for this year (when you itemize deductions on your income tax returns) you must make your gift before Dec. 31. Here are a few important things to know:
Credit Card: A last-minute gift can be made online through Dec. 31 by visiting NHCOA’s website
Checks: To send a last-minute gift by mail, please send your gift via the U.S. Postal Service to ensure your envelope has a postmark on or before Dec. 30 (the last day post offices are open) to the National Hispanic Council on Aging, 2201 12th St NW, Suite 101, Washington, DC 20009.
If you have any questions about gifting, please contact Fatima Velez at email@example.com.
Talk With Your Tax Professional
Please consult with your tax or financial advisors to determine if increasing or accelerating your giving in 2017 is beneficial for your particular situation.
If you are interested in making a year-end gift to help improve the lives of Hispanic older adults, their families and caregivers, or if you have any questions, please contact me right away with questions. I, or one of my colleagues, would be happy to help.
Thank you for your support and happy holidays from all of us at the National Hispanic Council on Aging.
Yanira Cruz, DrPH, MPH
President and CEO