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Passed in 2017, the Tax Cuts and Jobs Act ushered in many changes, including an increase in the standard deduction. The deduction for single filers is now $12,200 and $24,400 if you are a married joint-filer. In reality, this means that the number of households claiming the itemized deduction (including their exempt charitable donations) is much […]
For the majority of the 25 Days of Giving series, I’m going to focus on charitable gifts made to nonprofit organizations. But, investing in a student’s future and helping to make higher education more affordable and accessible is certainly a valid cause…and has tax benefits of its own. This brings to mind a different type of […]
Giving Tuesday is held the Tuesday after Thanksgiving (December 3 this year) and is an important day for nonprofits to reach out to current and potential donors. Scroll through your social media feeds with the hashtag #givingtuesday and it seems like every organization, from big to small, is running digital marketing campaigns related to the day. […]
Happy National Tailgating Day! As we fire up the grill and hang up the pendants in prep for some college football, I figured today was the perfect day to explain where college sports ticket rights fall under the tax code. Why? Because the Tax Cuts and Jobs Act (TCJA), passed in 2017, made some major […]
Did you know that April is National Volunteer Month? Celebrate and make an impact at the same time by donating your time, energy, and skills to the causes you care most about. However, unlike the charitable contribution deduction on federal income tax for cash and non-cash assets, the IRS does not count volunteering time as a […]
Since 1968, every Section 501(c)(3) organization is classified by the IRS as either a private foundation or a public charity. This classification is crucial for at least two reasons to anyone considering forming a nonprofit or anyone considering making a significant donation to a nonprofit. First, private foundations are subject to much stricter regulations than […]
On the GFLF blog this month, we’re going “back to school” with some fun legal lessons like last-minute gifts of personal property, nonprofit operation, and what planned giving actually means. Happy learning! If you have an estate plan already, give yourself a high-five! You’re well on your way to establishing a worthy legacy; effectively and efficiently transferring […]
Estate planning can be a huge relief for you and your loved ones. A quality estate plan means a sense of security that your family and other important people in your life will be provided for at the time of your death. You’ve worked hard for what you have, but the saying is all too […]
40% off! If this sign were up at your favorite store, it would definitely get your attention. Charitable gifts made during lifetime are generally preferable to charitable gifts made by will, for fairly simple tax reasons. A charitable bequest is deductible for federal estate tax purposes, but is not deductible for income tax purposes. A […]
Will the story of Prince Farming have a fairytale ending? ABC’s The Bachelor, Season 19, is coming to a close. On tonight’s finale, Chris Soules, the dreamy farmer from beautiful Arlington, Iowa, will choose between Whitney and Becca. Who will get the final rose? Whitney says she loves Chris, but does she really want to give up the big […]