As tax reform continues to take shape, there are a lot of questions about how the potential reforms will affect people. Click here to view a website that seems fairly accurate in calculating the potential affect on taxpayers. The unique thing about this website is that it tells taxpayers if they will be able to itemize under the proposed tax plan. If you currently itemize, that may not be possible 2018. This December might be your last chance to get a tax break for your charitable contributions. Before January 1, 2018 consider:
What items could you donate to second-hand stores like Goodwill or the Salvation Army or to the church?
For those that tithe or give a percentage of their income to their church, can you pay your January tithe in December?
Do you have the means to make an extra gift of stock or cash to your church, favorite ministry, or to the Dakotas UM Foundation?
If you are over age 70½, there is a mandatory distribution from any IRA you hold. A popular way of reducing your tax bill and supporting the charity you love is to make a Qualified Charitable Distribution directly from your IRA to the charity. Talk to your investment manager about this option.
If you live in North Dakota, you have the unique opportunity to take advantage of the 40% tax credit for endowment gifts. This tax credit includes planned gifts such as gift annuities and charitable remainder trusts. Reach out to the Dakotas UM Foundation if you need help with this by e-mail or phone (605) 990-7790.