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Five Tips for Year-End Giving
By Austin Community Foundation / November 11, 2019 /   Loading Disqus...

The giving season is fast approaching. Before you get into the hustle and bustle of the holidays, take a moment to review your charitable giving to ensure you're on track to meet your goals. As your partner and resources in philanthropy, we've provided some helpful tips to keep in mind as you consider your year-end giving.

  1. Talk to your advisor and your family. Before making a significant gift to charity, consult your accountant, attorney, or other advisor to help you understand the impact of your gift on your income and estate. Also, consider conducting a family meeting to discuss your giving strategy.
  2. Open or contribute to a fund. A donor-advised fund (DAF) is an ideal way to receive an immediate income tax deduction, manage gifts to multiple charities, or defer giving to a later date. Learn more about the benefits of a DAF.
  3. Review the timing of your gifts. Optimize charitable deductions based on your projected income level and tax rate this year and in the future. You may want to consider "bundling," – a strategy to maximize deductions under the recent tax laws by making two or more years' worth of charitable contributions in a single year. This can push you over the itemizing threshold to reap the benefits of deducting the full value of your donations.
  4. Consider your assets. Cash is not the only way to give. You can receive tax-saving benefits by donating securities, business interests, real estate, life insurance and more. Learn what types of assets the Foundation accepts.
  5. Donate IRA distributions. If you are 70 1/2 or older, it's possible to make tax-free distributions to charitable organizations (up to $100,000 per year) from your retirement account. The community foundation accepts IRA rollover distributions to almost all types of funds, such as scholarship, field-of-interest, and designated funds. However, donor-advised funds do not qualify.

Bonus tip! Consider Austin Community Foundation. A gift to the Austin Leadership Fund supports our people and our work. Your tax-deductible contribution means we can continue to address important issues and make local, lasting change in our community.

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