A recent Blackbaud Institute charitable giving report confirmed nationally what we have seen in the Baltimore/Washington, DC area market: charitable giving increased slightly, by 1.5%, from 2017 to 2018. This increase occurred not just among the super wealthy, but also among a larger population of high net worth charitably inclined individuals and families. This uptick in charitable giving is, of course, excellent news for nonprofits. A nonprofit can benefit even more, however, when its staff is able to educate potential donors about several tax benefits of charitable giving – beyond a simple cash donation. To understand the big picture, let’s first step back and take a look at the reason behind the increase in giving.
In case you haven’t noticed, community service in the workplace is more than a passing fad. Since the early days of employees putting in a day of labor for Habitat for Humanity, supporting social and community causes has only grown in popularity. Employees at all types of businesses are sharing their time and special skills with local nonprofits while on their employers’ clock. While nonprofits still rely heavily on corporate donations, it’s no longer just about companies writing a check at year end. Our staff here at Gross Mendelsohn looks forward to participating in several organized community service events every year. Since 2011, our firm has had a robust community service program in place. In case you’re feeling inspired to make community service a bigger part of your business, we are happy to share a behind-the-scenes look at our own experience with a structured, company-sponsored volunteer program.
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By now, most taxpayers are aware of some of the basics of the Tax Cuts and Jobs Act, including the decrease in individual and corporate tax rates and increase in standard deductions. But there are some aspects of the new law that haven’t gotten nearly as much attention. That’s why we’re going to reveal ten things you might not know about the tax law, but should.