Professional Advisors: Have Your Clients Taken Full Advantage of Tax Saving Deductions?

During the last few weeks of the year, holiday parties, last minute gift shopping and family commitments are probably top-of-mind rather than next year’s looming tax bill. You can help clients end the year on the right note by ensuring they’ve fully maximized available tax saving deductions before December 31.

Ideally, philanthropy should be considered as a year-round financial strategy instead of a fourth-quarter response. But for clients who wait until now to think about charitable giving, it’s still not too late to capitalize on those gifts. Community Foundation of North Texas offers the following reminders that can help you provide them with the best solutions.

Is your client too busy this month to research the charities where they’d like to grant funds?

Remember that gifts to a charitable gift fund are tax-deductible the year in which they are made. This allows your client to take action on their tax planning now, while saving the philanthropy process for later – when they have more time to make decisions.

Do end-of-year tax preparations sneak up on your client every year?

Current fundholders can add new contributions – of any amount, at any time – to an existing charitable gift fund and still receive maximum tax benefits. Once your client establishes a fund, they have a permanent mechanism in place to quickly and easily reduce their tax burden December after December.

Is an annual bonus posing last-minute problems?

Large income events, such as a holiday bonus, can leave your client with a last-minute jump in tax liability and little time to respond. Unlike options such as establishing a private foundation, a charitable gift fund at the Community Foundation of North Texas can be established in just 24 hours.

Is your client dealing with nontraditional assets?

Charitable gift funds at a community foundation can mobilize assets such as unsecured gifts, unappreciated stocks, IRAs and more.

Would your client like help navigating the local nonprofit landscape?

Unlike commercial gift funds, charitable gift funds at the Community Foundation of North Texas offer your clients the added benefit of working with a local entity. Our staff is deeply rooted in this region. We are plugged into the North Texas nonprofit scene. We understand local community issues and know the areas of greatest need. So we can provide your clients with unmatched expertise and guidance when they get ready to make decisions about where to grant funds in 2016.

We recognize that your clients aren’t the only ones with a long to-do list and numerous holiday commitments. You probably do, too. That’s why we’re committed to being available when you need us – even if that’s the last week of the year, over the weekend or after regular business hours. Need a last minute solution? Please contact Nancy Webb at 817-877-0702.


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