New tax legislation may mean the end of itemizing deductions for many tax payers. For many donors, 2017 may be the last year they will be able to itemize deductions and receive income tax savings for their charitable gifts. Recently proposed tax legislation will limit or eliminate some previously allowed deductions. The new legislation will double the amount of the standard deduction in 2018.
As a result, some predict that fewer than 10 percent of tax payers will be able to itemize deductions in 2018. The remaining 90 percent of taxpayers will not be able get a tax benefit for future charitable contributions.

If you are a taxpayer who will itemize deductions in 2017 and may not itemize in future years, your tax advisor may recommend that you take as many deductions as possible before the end of this year. The Wyoming Community Foundation can help!

The Wyoming Community Foundation can’t change tax law, but we have a solution to overcoming the challenges of this new legislation. One solution is to establish a donor advised fund (DAF) with the Wyoming Community Foundation.

If you have been contemplating a charitable gift, 2017 may be the last year to receive a deduction for charitable donations. We encourage you to contact your financial advisor to see if establishing a DAF now could improve your personal tax situation.

Establishing a DAF allows you to make your charitable gift now and claim your deduction on your 2017 tax return. If you would like more information about how a Donor Advised Fund (DAF) may benefit you this year, please contact Craig Showalter, President and CEO of the Wyoming Community Foundation at 307-421-1675 or craig@wycf.org.