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Has the new tax law affected your charitable giving?

Home Tax Reduction Has the new tax law affected your charitable giving?

  • Avatar FIREshrink 
    Participant
    Status: Physician
    Posts: 985
    Joined: 01/11/2017

    Of course. You more or less accused the world’s most generous people of being misers. As a spiritual leader you can’t be so tone deaf as to believe that would come off well?

    Might need to work on your delivery.

    #182299 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 2862
    Joined: 09/18/2018

    I appreciate that in your work you need or want more resources. I am sure with your years of work in charitable organizations and grant writing you really know how to hit that funding target. In all sincerity, grant administration is a real pain. Try Elon and let me know. Fund raising seems to be a great calling.
    Good luck.

    #182327 Reply
    Avatar FIREshrink 
    Participant
    Status: Physician
    Posts: 985
    Joined: 01/11/2017

    Koala, it’s all good. We’re all trying. A pat on the shoulder and an encouraging word sometimes go further than a fire and brimstone sermon. It took me a lot of my fifteen years as medical director to learn that lesson.

    I also wish people would be more generous. At least share something. It makes you a better person and, according to studies, a happier person. But beyond that I feel it’s a very personal decision and all I can do is model for my own family what I feel is right. In our culture we have ‘charity’ boxes in the house and our children are taught from an early age to share part of their allowances and gifts as part of a daily or weekly routine. We also discuss our annual giving (though not in dollar terms) with our children to encourage the concept of charity to be a regular part of our lives.

    #182333 Reply
    Liked by portlandia
    WealthyDoc WealthyDoc 
    Participant
    Status: Physician
    Posts: 270
    Joined: 02/03/2016
    medical school scholarship sponsor

    I don’t think so.

    We actually gave more in 2018 even though it won’t be deductible.

    I’m sure it will have an impact nationwide though.

     

    Wealthy Doc is a FI (Financially Independent) physician. He enjoys financial freedom and wants to help others achieve that as well. See more at http://www.WealthyDoc.org

    #183544 Reply
    Avatar BlueCollarMD 
    Participant
    Status: Physician
    Posts: 19
    Joined: 08/20/2018

    Yes, we frontloaded our 10+ year old DAF in 2017 with 5-7 years of expected charitable contributions…and then we gave about a third of that to charity in 2018, our largest charitable year ever (including our largest single gift ever). We still gave another couple thousand dollars in smaller donations for which we will not get Federal tax deduction.

     

    Click to expand…

    This is exactly what we did.  Also paid off the mortgage in early 2018, so will anticipate being on standard deduction from now on.  When the DAF spends down, we will probably have one more “6 year” DAF contribution to make before eligible for qcd’s.  Depending on tax scheme at that time, would presumably itemize that year.

    #184104 Reply
    Liked by Vagabond MD
    Avatar nsward 
    Participant
    Status: Other Professional, Spouse
    Posts: 1
    Joined: 01/24/2019

    The new tax code has not change our charitable giving.  Mostly because SALT plus our mortgage interest gets us to within a couple thousand of the standard deduction.  In an our ideal situation, we pay no mortgage interest. In that case, we would probably start a DAF.  In general, though, we donate because of our convictions.  Tax benefit is a just a great perk.

    #184497 Reply

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