How to maximize your deduction in 2017
December 22, 2017
The news is spreading fast: The Tax Cuts and Jobs Act effectively eliminates the charitable tax deduction for most taxpayers.*
It’s not too late to take advantage of the charitable tax deduction in 2017 to prepay your support for favorite organizations and causes in the coming years.
Establish or add to a donor-advised fund at BCF by year-end (see deadlines below) and secure a 2017 charitable tax deduction. You may then recommend distributions from your fund to charitable organizations through 2018 and beyond.
Consider your annual budget for charitable gifts, and prepay as many years of gifts as you can by creating or adding to a donor-advised fund this year. Find out more about donor-advised funds or contact us with your questions by email or phone: 410-332-4171.
If a donor-advised fund is not right for you, but you love Baltimore and the work of BCF, consider making an additional gift this year to our Civic Leadership Fund. We’ll appreciate the additional support, and you’ll appreciate the additional deduction!
Giving deadlines for 2017
- Open a fund by close of business on December 29
- Stock gifts must reach us by close of business in December 29
- Mail a check with a postmark no later than December 30
- Make a gift online up to midnight on December 31
See our charitable checklist for more tips on giving.
*Ask your tax advisor what tax reform means for you.