Giving Tuesday 2019

November 14, 2019 | Jimmy Barnett

Due to the passing of the Tax Cuts and Jobs Act (TCJA) in late 2017 charitable giving has been expected to decrease since fewer Americans will receive a tax benefit for their charitable donations. These expectations have not proven true for the national #GivingTuesday campaign. The 8th annual #GivingTuesday will be on December 3, 2019. Statistics show that even with the expected decrease in giving, the 2018 #GivingTuesday reported an increase in donations of roughly $100 million over the 2017 campaign, bringing the total donations to around $400 million. Despite the TCJA limiting charitable contribution deductions for many taxpayers, charitable giving is still one of the most effective and efficient tax strategies. Strategies such as using Donor Advised Funds (DAFs) and gifting appreciated securities will be widespread this year on #GivingTuesday.

To ensure that the donation is made to an eligible charitable organization, The Internal Revenue Service (IRS) provides the IRS Tax Exempt Organization Search (fomerly Select Check) tool on The Tax Exempt Organization Search tool is a searchable online database that lists most eligible charitable organizations. Taxpayers who give money or goods to a charity by December 31, 2019 may be able to claim a deduction on their 2019 federal income tax return and reduce their taxes.

For additional information, please contact any of your trusted advisors at HHM today.