You make an investment that extends beyond campus walls when you support
Palmer College. Your gifts are important and the impact you make will be felt by
generations of successful Palmer chiropractors. We know you’re inspired to give
because you’re passionate about Palmer College and you want to make a difference.
While tax savings aren’t the driving force behind most Americans’ decision to give,
being tax-wise is important. The recently-passed Tax Cuts and Jobs Act has
significant changes, and the good news is charitable giving still makes good sense.
- Income-tax rates will generally decrease for most individuals.
- The federal estate-tax exemption for 2018 increases to $11.2 million for
individuals and $22.4 million for couples.
- Some deductions (state and local taxes and mortgage interest, for example)
- The annual gift-tax exclusion increases from $14,000 to $15,000 in 2018.
Options to consider to maximize your giving this year:
Increase your charitable investments to take advantage of itemizing
You might consider adding an extra gift in 2018 if your total itemized
deductions will be close to the new higher standard deduction amount at
the end of the year. Your tax-deductible donation can help you exceed the
standard deduction amount so you can itemize and receive the additional
Make gifts of appreciated securities.
Federal capital-gain tax rates remain unchanged, so you can still save taxes
twice by giving appreciated securities you’ve owned for more than a year.
Make an IRA rollover gift.
The ability to make a direct, tax-free transfer to a non-profit organization
was not affected by the new law. Anyone who’s reached the age of 70 years
and six months who has not yet taken the required distribution from their
IRA could ask their IRA administrator how to make a transfer to benefit
students at Palmer College. It’s a great way to give and possibly avoid certain
penalties from mandatory withdrawals.
Palmer’s Advancement team is here to help you explore tax-wise ways
to give through Palmer College.