How Tax Reform May Affect Charitable Giving
By Darleen Hinrichs, Senior Director of Donor Engagement
The tax reform bill recently signed into law roughly doubles the standard deduction for individuals. That’s good news for most taxpayers — however, because far fewer taxpayers will be able to itemize, many are speculating that charitable giving to qualified non-profit organizations like Advent Christian Village will decrease in 2018.
If you previously deducted charitable contributions under the old tax plan, most likely you will not be able to do so in 2018. Experts are suggesting one way that both taxpayers and charitable non-profit organizations can benefit in the face of the coming changes: Donors can bundle two years’ worth of contributions into one and make their 2018 charitable contributions by Dec. 31, 2017. Also, for stockholders, it may be more beneficial to give gifts of stock this year than in 2018. Talk to your financial advisor for advice specific to your situation.
Our office in Carter Village Hall will be open until 5:00 p.m. on Friday, Dec. 29, should you wish to stop by. We also offer online giving at www.acvillage.net/giving. Gifts submitted online by midnight Dec. 31, 2017, or checks sent via mail and postmarked by midnight Dec. 31, 2017, will qualify for the provisions of the 2017 tax law.
While these changes likely will have some impact here at Advent Christian Village, we know that most people will continue to give simply because they believe in the ministry of ACV. We also believe that God will continue to provide as He always has. We are deeply grateful for friends who support the ministries of ACV so faithfully.