Philanthropy tips and trends

Many eyes are on the Charitable Act, which, if passed, would allow for deductible charitable contributions that exceed the standard deduction. The Charitable Act proposes to restore the pandemic-era “universal charitable deduction” and raise the cap from $300 for individuals ($600 for joint filers) to approximately $4,600 for individuals ($9,200 for joint filers).

Finally, for your pet owners, no amount of pet cuteness on Instagram will resolve the nationwide overcrowding at animal shelters. Dog and cat populations are up sharply from the pandemic due to owner-adopters returning to in-office work, inflationary costs for food and veterinary care, and owners seeking new forms of companionship. If you are more passionate about the issue, learn more about establishing a designated fund or field-of-interest fund at MCCF to support highly targeted areas of relief, and, if you are over 70½, you can support through a Qualified Charitable Distributions from your IRA.