Is 2017 a good year to accelerate charitable contributions?
Financial planning can help answer this.
Sometimes accelerating charitable contributions can offer valuable tax savings. Here’s one example. Assume your taxable income this year is unusually high. (Maybe you sold a business/property this year, or you will retire early next year, etc.)
Claiming a larger amount of tax deductible charitable contributions while you’re in a higher tax bracket can provide more tax savings than giving the same amounts when your tax rate is lower. There are even charitable giving vehicles that can be used so the tax deduction is obtained this year while still allowing you to distribute the money to your favorite charitable organizations over the next several years.
Tax planning is very complicated so you’re advised to work with a highly skilled team to ensure you achieve the desired results.
Reach out to us to set up a no obligation consultation to learn more.
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