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Now that the new tax law has been read and reviewed, there are multiple options and strategies to help sustain and even encourage charitable giving to non-profit organizations such as the Hartford Symphony Orchestra.
Happily, the final version of the new tax law introduced no specific limitations to the charitable contribution deduction, allowing taxpayers to continue to utilize the deduction to support vital nonprofit organizations, while continuing to receive a significant tax advantage for doing so.
And, most importantly, the number one reason why people make charitable gifts to organizations they care about is because they are committed to a mission of importance to them. Changes in the tax law do not alter that commitment.
Although some believed the increased standard deduction ($12,000 for singles, $18,000 for head of household and $24,000 for couples) might reduce the incentive for people to make charitable gifts, three factors show this is inaccurate:
Many potential donors may well benefit by the changes in the tax law as follows:
These two important changes could well enhance the value of charitable deductions for the individual donor, resulting in an even greater incentive to make charitable gifts.
Example: If you habitually donate a total of $5,000 per year, consider a gift of $15,000 in year one (2018), with the understanding that the gift will cover three years. A lump sum amount will allow you to itemize deductions, taking the full tax advantage of the entire gift in the first year. For the next two years (2019, 2020) using the increased standard deduction will help utilize the new tax law to its maximum advantage.
And last – but never least: The Hartford Symphony Orchestra would not exist without the incredible community of patrons and donors, who recognize that it takes our personal investment to create the community we desire. It is our donors who make all the difference – individuals who care deeply and passionately about our impact on the community, the music we play, and our music education programs which inspire and uplift thousands of children each year who would never otherwise have the experiences we offer. Our donors make all of this possible – and together, we make beautiful music.
The Hartford Symphony Orchestra used information from The Sharpe Group in preparing this document. The purpose of this document is to provide general gift, estate and financial planning information. It is not intended as legal, accounting or other financial advice. For assistance in planning charitable gifts with tax or other financial implications, the services of appropriate advisors should be obtained. Consult an attorney if your plans require revision of a will or other legal document.
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166 Capitol Ave
Hartford, CT 06106
©2018 Hartford Symphony Orchestra
The Bushnell: 166 Capitol Ave. Hartford, CT 06106