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Palmer Legacy Families

Palmer Legacy Families

Palmer chiropractic keeps families together.
Winter 2018

advancement highlights

Maximize your impact in 2018

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.

Some highlights:
  • 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) are limited.
  • 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 your deductions.
    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 tax benefits.
  • 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.

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