Coming Soon: Tax Law Changes

You may have heard about certain tax laws “sunsetting” this year and wondered what was up. Here’s a brief Q&A to shed some light:

Q: What is the Tax Cuts and Jobs Act?

A: That 2017 law overhauled the tax code. It changed tax brackets and increased the standard deduction, the estate tax exemption, the child tax credit and more. It took effect Jan. 1, 2018, but many benefits are due to expire at the end of this year.

Q: Will some of its benefits be renewed?

A: Possibly. It’s up to Congress to decide what stays and what goes. If no action is taken by Dec. 31, 2025, the tax laws will revert to what they were in 2017.

Q: What does this mean for my charitable giving?

A: Three words: Stay the course. Your options for giving—both now and in the future—remain unchanged. Don’t wait for new tax laws and lose an opportunity to make a difference at a nonprofit you love and possibly enjoy tax benefits too.

Q: Which gifts should I consider?

A: You can choose from several popular options:

• A gift in a will or trust
• Beneficiary designations
• Gifts from your IRA
• Gifts of appreciated property
• Donor advised funds

Q: If I need more information, who should I talk to?

A: For guidance on how new laws could affect your finances or tax bracket, talk to your financial advisor or tax attorney.

For guidance on the best ways to leave a legacy at the Walnut Hills High School Alumni Foundation anytime this year, reach out to Debbie Heldman at 513-363-8496 or debbieheldman@gmail.com. They can help explain the options available to you regardless of what happens in Washington, D.C.