As the year draws to a close, it is a sensible time to review financial plans, including charitable donations. One approach to consider is known as “bunching.”
After the tax law changes in 2017, fewer taxpayers gain an advantage from itemizing deductions each year. By grouping several years of planned charitable contributions into one year, you may be able to itemize in that year and claim the standard deduction in the others, which could increase your overall tax savings.
A donor-advised fund can make this process simpler. You can make a larger gift now and then direct grants to your preferred charities gradually, according to your own timetable.
There are two additional year-end giving ideas to keep in mind: donating appreciated stock instead of cash may provide a larger tax advantage, and anyone age 70½ or older can make direct, tax-free gifts from an IRA.
If you are wondering whether bunching through a fund is a good fit, community foundations can help you evaluate the option.
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