By Tim Kowols
Giving to local charities in the New Year is expected to change thanks to the new Tax Cut and Jobs Bill passed by the United States Congress last month. Under the new law, standard deductions doubled for individuals and joint tax filers to $12,000 and $24,000 respectively. While the changes will not have that much of an effect on smaller donors, Door County Community Foundation President and CEO Bret Bicoy says bunching several large donations and beginning a donor advised fund could give you the break on taxes you may no longer get under the new standard deduction numbers.
According to the National Philanthropic Trust, giving through donor-advised funds exceeded $15 billion in 2016, while contributions to such accounts grew 7.6 percent to $23.27 billion in the same year. You can contact the Door County Community Foundation to learn about setting up your donor-advised fund or other efficient ways of giving back to the community.