Jay Frost’s Post

Nonprofit leaders, fundraisers, and philanthropic partners: Take *three* minutes to help secure the future of charitable giving. Right now, an estimated 3% of Americans itemize their taxes, meaning the vast majority—97% of taxpayers—don’t benefit from a charitable deduction. The Charitable Giving Coalition is sending a comment letter to Congress on Giving Tuesday, urging them to make a charitable deduction available to everyone, regardless of how they file. ⏳ Deadline: December 2 📎 Link to sign in the comment section below! 🚨 Why does this matter? 🚨 Congress is preparing for tax reform as parts of the 2017 Tax Cuts and Jobs Act are set to expire. If we don’t act now, we risk further declines in charitable giving at a time when communities need it most. Restoring this deduction for all taxpayers will encourage more giving and help keep generosity at the heart of America. This is a bipartisan effort with widespread support. Let’s show Congress what philanthropy means to us.

Brian Flahaven, CAE, and Sally Schaeffer gave, what I thought was going to be a snooze fest of a presentation about taxes at the Giving USA Foundation | The Giving Institute November meeting a few weeks ago. I came from a family of accountants - "No thanks", I thought.... Not only was their style on point, but the substance was as well. The work they're doing with the Charitable Giving Coalition is critical to the philanthropic sector. Please join me in signing their *bi-partisan* letter to restore charitable deductions for non-itemizers. https://lnkd.in/e7Nxnhee Info below: The Tax Cuts and Jobs Act (TCJA) nearly doubled the standard deduction, simplifying tax filing for many but significantly reducing the incentive for middle-income taxpayers to donate to charities. Here’s why restoring a charitable deduction for non-itemizers is crucial: 💡 Encourages Philanthropy A universal charitable deduction motivates giving at all income levels, ensuring nonprofits receive broad-based support. 🤝 Supports Nonprofit Operations Nonprofits rely on contributions from middle-income donors, who have been giving less due to reduced tax benefits. 📈 Addresses Rising Needs Economic uncertainty increases demand for nonprofit services. Restoring the deduction equips charities to meet these challenges. ⚖️ Levels the Playing Field Tax equity matters. Allowing all taxpayers to deduct charitable contributions recognizes the generosity of *every* donor, not just those who itemize. It’s time to push for a permanent charitable deduction for non-itemizers in future tax reform packages. This change will: - Strengthen civil society - Foster a culture of giving - Align public policy with the social good nonprofits deliver Let’s ensure the tax code supports all Americans’ philanthropic efforts. Charities—and the communities they serve—depend on it. #Nonprofits #Philanthropy #TaxReform #CharitableGiving #PolicyChange https://lnkd.in/e7Nxnhee

As year-end giving approaches, church leaders need to be aware of the changes in charitable giving since the 2017 Tax Cuts and Jobs Act. With fewer people itemizing deductions, our year-end giving strategies need to shift. Instead of focusing on tax benefits, we should emphasize the impact of each gift. Share stories that show how giving changes lives and supports the mission of your church. Let's remind our congregants that their generosity isn't just about tax deductions—it's about making a lasting difference in our communities. https://lnkd.in/e2dzh_TG

💭 What are your charity's thoughts on the budget? We asked our team for their insights: 🪙Head of Finance Joanne Dale said: "The jury is out on whether the tax will lead to an increase or decrease in charitable giving. We’d like to see employers use Payroll giving to help reduce their tax bill while encouraging employees to donate to good causes, like our Missions... With news that Capital Gains Tax is going up, philanthropically-inclined individuals may want to consider planned giving strategies or direct gifting of assets to mitigate these rises... We’re looking forward to continuing our work with Professional Advisors, who will be keen to support their clients to mitigate tax and to improve lives across Norfolk through donations, leaving legacies, and gifting shares with help from the Foundation." ➡️To find out our team's thoughts on NI, carer's allowance, and more, go to: https://lnkd.in/eQHcezFR At the Norfolk Foundation, we’re committed to helping donors and charities alike navigate these changes—empowering them to sustain their vital work for the community. #NonprofitFinance #SocialImpact #NorfolkCharities

It is time to prepare for your year end giving communication

Maximize your giving in the new year! Bunching 2–3 years of donations into one tax year can boost your tax benefits and bring up-front savings. Ready to plan meaningful and impactful giving? Check out this article and give us a call.

Tax-Free Charitable Giving through Your IRA Did you know you can donate to your favorite charity tax-free while fulfilling your IRA's Required Minimum Distribution (RMD)? This is possible through Qualified Charitable Distributions (QCDs) — a smart way for individuals aged 70½ or older to support causes they care about while enjoying significant tax benefits. 🔹 What is a QCD? A QCD allows you to donate directly from your IRA to a qualified charity. The donated amount, up to $100,000 per year, is excluded from your taxable income. 🔹 Why It’s Powerful: ✅ Meets your RMD requirement without increasing your adjusted gross income (AGI). ✅ Reduces your taxable income, which could lower your Medicare premiums and the taxability of Social Security benefits. ✅ Helps you give back to your community tax-efficiently. 🔹 Example: Imagine your RMD for the year is $8,000. Instead of withdrawing and paying taxes, you donate the $8,000 directly to a qualified charity. Now, you’ve fulfilled your RMD, supported a cause, and saved on taxes! Tax planning isn’t just about compliance — it’s about making the most of your financial situation. QCDs are an excellent tool for retirees who want to give back strategically. 👉 Have you considered using your IRA to support charitable causes? Let's discuss how QCDs could fit into your tax strategy for 2024! #TaxPlanning #USTaxes #RetirementPlanning #QualifiedCharitableDistribution #TaxFreeDonations #FinancialPlanning

In the realm of charitable giving, making a positive impact on causes you care about while optimizing your financial strategy is a win-win. One avenue that offers both philanthropic fulfillment and potential tax advantages is qualified charitable distributions (QCDs). However, navigating the landscape of QCDs requires a nuanced understanding to ensure you're maximizing benefits while following IRS regulations. Read today’s blog where we explore QCDs, as well as what pitfalls you will want to avoid. https://buff.ly/3SYoewk #financialplanning #inspire #Annapolis

As we approach the year-end giving season, nonprofits need to prepare for potential changes to donor behavior with the upcoming expiration of the 2017 Tax Cuts and Jobs Act (TCJA). 📊 This shift could impact charitable giving incentives, but it’s also an opportunity to strengthen relationships with donors and highlight your mission's impact. 💪❤ Learn how to navigate these changes and keep your fundraising strong! https://lnkd.in/e6bmYvnJ

Did you know that approximately only 10% of tax payers itemize? Or another way said, approximately 90% of taxpayers are not receiving the tax benefit on their charitable giving. The IRS recently announced an increase to the standard deduction in 2025. 📊 2025 Standard Deduction Amounts (due April 2026): ➡️Single (under 65): $15,000 ➡️Married filing jointly (under 65): $30,000 Seniors 65+ or those who are blind may claim additional amounts. Here’s how to make the most of your giving: ✨ Donor Advised Funds (DAFs): Simplify and maximize your charitable deductions. ✨Charitable Bunching Strategy: Bundle multiple years’ donations into one tax year to exceed the standard deduction threshold, minimize taxes in that year, and amplify your generosity. Contributions to a DAF are tax-deductible in the year you donate—even if the funds are distributed later! 💡Let’s create a plan that helps you give more and stretch your dollars. We encourage you to contact our office to learn more about your options and what’s best for you. #CharitableGiving #FinancialPlanning #Strategicgenerosity Read more in our latest communication -https://lnkd.in/exYaQAtr