It’s Tax Time!

Over the next several weeks, you will inevitably be touching base with your accountant or financial advisor for completion of your 2018 taxes. We have heard that people are surprised to learn that they were unable to itemize deductions due to the new – and much higher – standard deduction for federal taxes. This is a perfect time to have a conversation with your planner on how to maximize your charitable giving while minimizing your tax burden.

A concept known as “bunching” has suddenly become a popular planning strategy. With the help of a Donor Advised Fund with The Catholic Foundation, “bunching” allows donors to strategically make charitable contributions and therefore enhance the itemization of deductions for tax purposes.  This strategy helps you ensure that your giving is smart as well as charitable.

If you are interested in learning more about “bunching”, contact Scott Hartman at shartman@catholic-foundation.org.

Disclaimer: We’re not accountants, this does not constitute tax advice. Please consult a tax professional.