2018 Charitable Giving Checklist

Year-end is approaching and many people are considering their charitable giving options. The Vermont Community Foundation has published a convenient checklist for you to keep in mind, including some of the tips listed below:

  • Bundle Up! Give now – decide later.
    If you are planning for a charitable tax deduction this year but are undecided about which nonprofits to support or want to utilize a tax deduction to support future charitable giving, consider opening a donor-advised fund. For more about donor-advised funds please click here
  • STOCKing Stuffers.
    If you’d like to make a year-end charitable gift, consider giving appreciated stock. Selling stock will incur capital gains on the appreciation, but if you gift stock, you will receive a charitable deduction for the current market value of the stock—just as you would with a cash gift.
  • Charitable IRA Rollover.
    If you are 70½ years or older, you can donate up to $100,000 from your individual retirement accounts (IRAs) directly to a nonprofit organization. For more information about this option please click here.
  • Give early and complete your gift by December 31.
    A gift by check is complete when mailed (postmarked) to the charitable recipient, even if not cashed until the following year. Gifts by credit card are complete when your credit card account is charged.
  • Know the organizations you support.
    While there are many worthy causes, only donations to qualified 501(c)(3) organizations are tax-deductible.

To view the Vermont Community Foundations complete checklist please click here.

Davis & Hodgdon Associates CPAs has been assisting Vermont individuals and business owners with tax consulting and retirement planning for more than 25 years. Our advisors can analyze your charitable donations to determine if you qualify for tax deductions, so call our office in Williston 802.878.1963 or Rutland 802. 775-7132 to schedule a tax planning strategy session today.

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