The New Tax Laws and Charitable Giving
The new Tax and Jobs Act of 2017 might have you wondering what does all of this mean to me? Do I itemize, do I not, will my taxes go up or down? We are not tax experts and would certainly advise you to contact yours! However, there are a couple of interesting opportunities for the many supporters of the Interfaith Food Pantry to research and consider.
Donor Advised Funds -This is a great tool for donors to be able to make a contribution of cash and/or appreciated securities all at once or over a period of time, and gain an immediate tax advantage in the year of the gift. This enables donors to maximize their tax deductible donations and ensure continuity in support of the vital nonprofit organizations in our community. The Community Foundation of New Jersey can provide you with more information.
Charitable Impact – Save by doubling up on your gift! If your total deductions are not quite large enough to justify itemizing, you might contribute in a single year the larger amount you would normally give over a two year period. Your total deductions for that year would then exceed the standard deduction, so you could itemize in that year and realize tax savings for your charitable gifts- then take the standard deduction for the next year.
Qualified Charitable Distribution (QCD)– If you are 70.5 or older you can give up to $100,000 to charity directly from your IRA without counting the distribution as taxable income and it can be used to satisfy your “Required Minimum Distribution” (RMD). It’s an excellent way to make the most of your charitable giving. Click here for more information.
Other Giving Options:
- Donate Food – View Current Food Needs List, See Donation Drop Off hours, What to do if your food donation is a perishable item
- Donate Funds
- Donate stock, bonds or mutual funds
- Planned Giving
- Run a Food Drive
- Host a Fundraiser
- Tribute Cards
- Donate your Car
- Workplace Giving
Our Commitment to Our Donors
Information collected from our donors may include your name, specifics about your donation, and your mailing, physical and/or email address and phone number. This information is used strictly for Interfaith Food Pantry purposes and communications. We will not sell, share or trade our donors’ personal information with any other entity, nor send mailings to our donors on behalf of other organizations. Unless requested that your donation remain anonymous, your name and donation amount may appear in our Annual Report, our Annual Giving Tree or on our website. We honor all requests to remain anonymous.
This policy applies to all information received by the Interfaith food Pantry, both online and offline, on any Platform (“Platform”, includes the Interfaith Food Pantry website and mobile applications as well as any electronic, written or oral communications.)
Removing Your Name From Our Mailing List
It is our desire to not send unwanted mail or email to our donors. You can opt-out of our email distribution by clicking the link at the bottom of every email communication. To be removed from our mailing list, please contact us firstname.lastname@example.org or call 973-538-8049.
First Published 2/4/2015, Last Updated 6/6/2016