Miracle Bible Camp welcomes year-end giving. In fact it has been fun to answer people’s questions recently about how to donate and help MBC make an eternal impact.
2017 Giving Deadlines
· Checks must be postmarked in 2017
· Online Giving: ends 12 a.m., (CST) December 31, 2017
· Annual Giving Summary: issued by January 31, 2018
2017 Charitable giving tips for the end of the year.
The tax reform proposal retains the charitable contribution deduction and doubles the standard deduction to roughly $12,000 per year ($24,000 for married couples filing a joint return). The higher standard deduction is expected to significantly reduce the number of taxpayers that itemize their deductions and thereby reduce the number of taxpayers that will be able to deduct their gifts. Donate this year to take advantage of itemizing!
If you expect to claim the standard deduction or be in a lower tax bracket in 2018, then you may want to consider making charitable donations before the end of 2017.
If you are older than 70.5 you may be better off forgoing the charitable contribution deduction in favor of having the custodian of your traditional IRA make distributions directly to a charitable organization on your behalf. Distributions paid directly to a charity are not taxable and count toward your required minimum distributions.
The benefit of charitable giving can be enhanced by donating appreciated stock rather than cash. Your charitable contribution deduction is based on the fair market value of the contributed stock and you won't have to pay tax on the appreciation in the value of the stock. You can have your financial manager or stock broker call us for our DTC number. Or contact Edward Jones Grand Rapids office, Robert Zaun (218)-327-1157 to transfer stock directly to Northern Gospel Fellowship / Miracle Bible Camp