February 2, 2018 How the Tax Changes Could Affect Your Nonprofit
So, what do all of these tax law changes you are hearing about mean? How are they going to affect your nonprofit? We’ve all heard that donors will no longer itemize their taxes. But will this impact their giving?
I, too, wanted to know the answer – so I asked an expert.
Todd Hindsman, CPA at Barfield, Murphy, Shank & Smith, LLC, estimates that 85% of taxpayers will no longer itemize their deductions. What does this mean for nonprofits? It could result in less giving. Luckily, there is an option of “bunching” for donors, which is helpful information nonprofits need to pass along to their donor base. Check out this link to hear more from Todd Hindsman on this subject.
As a nonprofit, understanding the updated tax laws and knowing how to talk with your donors about navigating through this new territory is critical to keep funds flowing for your mission. Because giving by your donors may no longer be about the write-off, it is even more vital than ever that your fundraising events focus on giving and stimulate emotion, all while making sure your guests are having fun. You don’t’ have to go at this alone. Hire a professional fundraising auctioneer who will keep the focus on fundraising at your events and you’ll maximize the fundraising potential.
Make every minute a revenue generating minute!
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