A New Year with the New Tax Law
It is true that many givers will no longer be able to itemize their charitable contributions to our churches, but I believe that people will continue to give. According to research by Crescendo, charitable estate gifts have continued even as the estate tax exemptions have risen. The reason is that people’s primary motivation for giving is to leave a legacy and support what they love.
The ministry of the church has not changed. The desire to bring new people into a relationship with Jesus Christ has not changed. Care for those in need in our communities and around the world has not changed. We are still called to be a light to all the world.
There are still some tax-wise ways to give. Those confronted with mandatory IRA distributions can still roll them over directly to the church and exclude them from income. Gifts of appreciated securities may still be given to the church, while avoiding capital gains taxes. In each case, the donor should consult an accountant or financial advisor in making these decisions.
We are called to celebrate new beginnings in this season of Christ’s light. Tell the stories of light, and people will respond in generosity.