“‘Charitable giving by individuals is at its lowest level since the financial crisis, and financial advisers point to changes in the tax law as the reason.”
Greg Iacurci, “Uncharitable Giving,” Investment News, November 9, 2019
Financial Tip: It’s true that the tax changes have made it a little harder for some people to help their favorite charities and capture tax benefits. Fewer people now get a tax break from their donations to charity, as twenty percent of the country lost the ability to deduct charitable contributions, says Investment News.
We’re still happy to advise clients looking for smart strategies to give and help others. Using a Qualified Charitable Distribution (QCD) to make gifts from your IRA is a winning technique, while contributions to a Donor-Advised Fund let you make gifts now, lock in deductions, and decide later what charity to support.