It's the first week of the Church's new calendar year and a great time to take stock of priorities and plans as we prepare for Christ's coming at Christmas.
Advent is a time for preparation as we anticipate the gift of Jesus, born anew in our hearts each day in such a way that we attract others to want to also know, love, and serve our awesome God.
May this season of Advent be a time of anticipating Jesus not only on Christmas morning but also in each encounter and with every individual along our way.
Regarding Tax Reform Bills
As the end of the calendar year approaches, we want to provide you with the latest news on the tax reform bills that recently passed both the House of Representatives and the Senate. Both versions have now passed and are presently in a joint conference committee to iron out differences. It is possible that the final bill will be signed into law before year-end.
While specific provisions are still evolving, a number of proposed changes may impact your charitable giving plans. The current tax laws may provide more benefits for giving than future tax laws.
Federal Tax Reform May Affect Charitable Giving
There are a number of strategies you can use before year-end to lock in current tax benefits. For example:
If you have a multiyear pledge, you may want to consider making early payments this year, rather than next year or in future years. Changing tax rates may decrease the tax benefits of your charitable deduction in future years.
Specifically, if you have made a pledge to support the For Christ Forever or the Christ Cathedral capital campaigns, you may want to pay off your pledge this year to fully preserve the tax benefits associated with your gift, the proposed legislation may eliminate the tax deductibility of such gifts. If you are considering increasing your gift to one of these campaigns, you may want to do so before December 31.
If you have experienced gains from the historic run in the financial markets, you may want to consider donating appreciated securities, real estate, or other noncash assets.
If you would like to receive an immediate tax benefit for your gift but make decisions about allocating that gift over time, you may want to establish an Orange Catholic Foundation Donor Advised Fund.
We encourage you to review the implications of tax reform with your financial and/or tax adviser to determine if any of these strategies are right for you. For more information, contact our planned giving professional, Suzanne Nunn by calling 714.282.3021 or by clicking
here to send her an email message.