‘Twas the season of giving this past month – but if you missed the mark in 2019, it’s never too early to start a gifting strategy in the New Year. Before you make a donation to your favorite charity or give money to your church, be sure to talk to your financial advisor.
Depending on your situation, the new tax law could change the way you should give to charity. The standard deduction was raised to $24,000 and the state and real estate tax deduction was limited to $10,000, so unlike recent years where you may have been able to deduct charitable donations, it’s now more difficult to reach the threshold in order to itemize deductions.
However, hope is not lost. Marshall Financial Group assists clients year-round to create financial plans that incorporate tax planning and charitable giving so you’re well-equipped when the holiday season rolls around. Our CFP® professionals will provide gifting strategies, such as donating through your IRA or opening a Charitable Donor Advised Fund to meet your individualized needs.
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