Charitable giving has typically been a way to shave money off of your tax bill. Under the new Tax Cuts and Jobs Act, you’ll need to itemize your taxes to claim a deduction, and the standard deduction has almost doubled-up to $12,000 from $6350. As the new law is ushered in this tax year, tax strategists have formulated several avenues for donors to preserve tax breaks.
“It’s still possible to maintain your tax deductions, but tax payers should take time to educate themselves on how to do so,” said Chris Shotts, Board Director at Estes Park Health Foundation. “After I did my own tax planning, I decided that it’s our duty to share knowledge of how this law affects individuals in the Estes Valley.”
The Estes Park Health Foundation is offering a free seminar on Thursday, August 16, at 2 pm at the Presbyterian Church of the Rockies, located at 1700 Brodie Ave in Estes Park. Featuring tax and wealth planning experts, topics include tax strategies like bunching and donating appreciated assets over cash. Shotts is a CPA with Shotts, Merryman & Company and has partnered with Derek Vinge, Financial Advisor with Edward Jones, to present a comprehensive overview.
“There are myths out there surrounding the new tax law, and we hope to clarify what is real and what is rumor regarding charitable donations. Estes Park is a giving community, and it’s important the public understand how they can continue to support the causes they love,” said Kevin Mullin, Executive Director of the Estes Park Health Foundation.
Everyone is welcome at the seminar, and there will be no solicitation. RSVP to email@example.com by August 14 to reserve your spot.