The pending Tax Cuts and Jobs Act could represent the largest overhaul to the tax code in three decades, potentially benefiting many Americans. Depending on your personal tax situation accelerating charitable deductions before year end may make sense. For those that are charitably inclined, a Donor Advised Fund could be something to consider.
When you fund a Donor Advised Fund you receive a current year tax deduction in exchange for setting aside money for future donations. Front loading future donations before your tax rate is lowered can help make the most of your charitable giving. If you plan on creating or making a contribution to a Donor Advised Fund in 2017, you should act promptly. The custodians set internal deadlines prior to year-end to allow for processing. Anyone looking to learn more about the potential benefits of Donor Advised Funds should contact a Withum Wealth Advisor.
More On Donor Advised Funds
As with all things tax related, we encourage you to reach out to your accountant and advisor before making any changes to current year end planning
Featured Author: Ryan Fause
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