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Smart tips to help maximize your charitable giving — and your tax benefits
As the end of the year approaches, you’ve probably noticed your inbox filling up with requests from charities asking for year-end donations. Giving is important, especially now. Like so many people, you may find yourself stressed as you scramble to locate receipts and track contributions to document your tax deductions for 2023. You may also discover that organizing your giving differently could have resulted in greater tax benefits.
Here are a few tips to help you maximize your tax deductions, be more intentional about your giving, and reduce stress not just in December, but throughout the year.
Organizing your giving with a charitable tax vehicle that offers an immediate tax deduction.
If you support multiple charities, consider using a vehicle to streamline your philanthropy. One option is a private foundation, which enables you to put aside money in advance, take a tax deduction up front, and plan your grant-making over time. But the drawback is that private foundations are costly to set up, and you will still need to manage your record-keeping and tax filings. A simpler option is a donor advised fund, which organizes your charitable giving, eliminates record-keeping, and doesn’t require filing a 990 form. That’s why donor advised funds (DAFs) are the fastest-growing charitable vehicle.
Donor advised funds help get money to your charities swiftly and securely.
Donor advised funds (DAFs) are a flexible and tax-efficient way to give, and most DAFs can be opened with a minimum contribution of $5,000. When you contribute to a DAF you qualify for an immediate deduction, regardless of when and how many charities you support. The DAF provides the only receipt you’ll need. Most DAF accounts are managed on a secure portal. At Jewish Communal Fund, you can make grants and see your giving and contribution history when you log in. You can recommend grants to IRS-approved charities in every sector.
Donate cash or appreciated securities to maximize your tax savings and earn tax-free income.
Cash contributions to a donor advised fund or other public charity are generally eligible for an income tax deduction of up to 60% of your adjusted gross income (AGI). If you have appreciated securities — held for more than 12 months — you can electronically transfer shares to a donor advised fund and claim a fair market value deduction of up to 30% of adjusted gross income. Even better, you will not be subject to capital gains tax on the appreciated portion of the contribution. After the DAF sponsor (the organization where you have your account) liquidates the stock, the proceeds are credited to your fund, enabling you to make grants to multiple charities. At Jewish Communal Fund, you may choose from a robust selection of investments, and the tax-free earnings will be rebalanced into your Jewish Communal Fund account.
Plan ahead and respond swiftly when there is a crisis.
Putting money aside when you have additional income such as a bonus, appreciated securities, or an inheritance allows you to be more tax-efficient and intentional with your giving. So when a crisis occurs, like the terrible Oct. 7 attack on Israel or a devastating natural disaster, you will be ready to help with a donation with the click of a button. Grants from Jewish Communal Fund are sent out within two to three days.
Use a donor advised fund to group contributions for several years of giving.
You can make a contribution to a donor advised fund by “bunching” what you would have contributed to charities over the next two to three years, enabling you to reach the threshold for itemizing your tax return and qualifying for a maximum tax deduction. Many DAFs do not have an annual minimum distribution requirement, so you can set the timetable for making grants.
Terminate a private foundation using a DAF.
If you already have a private foundation, you can transfer assets to a DAF to eliminate the expense and administrative burden. Unlike the private foundation, your confidentiality is protected because DAFs report in the aggregate rather than disclosing information on individual fundholders.
Engage the next generation with a community of Jewish philanthropists.
At Jewish Communal Fund, parents or other family members may open funds for their adult children between the ages of 18-30 with a contribution of only $1,800. This is an effective way to help the next generation begin their own philanthropic journey as part of a network of Jewish givers.
Why choose Jewish Communal Fund?
JCF is the largest and most experienced Jewishly affiliated donor advised fund in the nation, with over $2.8 billion in charitable assets for 4,700 funds. Each year, JCF’s board of trustees makes a $2 million gift from its revenues to the annual campaign of UJA-Federation of New York. JCF’s endowment, the Special Gifts Fund, makes annual grants on behalf of fundholders to support organizations that promote the welfare and security of the Jewish community at home and abroad. After the outbreak of the war in Israel, JCF’s trustees awarded $500,000 from the Special Gifts Fund for the Israel Emergency Fund of UJA-Federation of New York.
Additionally, JCF’s endowment has supported kosher food pantries, JCCs, Jewish summer camps, and services for the elderly and Holocaust survivors. Unlike commercial DAFs, JCF offers Jewish values investments such as Israel Bonds and an Israeli exchange-traded fund (ETF). JCF’s recoverable grant program partners with the leading Jewish loan societies – Hebrew Free Loan Society in the U.S. and Ogen in Israel. Just by using JCF to help streamline your giving, you will stand with a proud network of Jewish philanthropists supporting the Jewish community’s important communal organizations.
*This is not accounting advice, so consult with your accountant regarding your own personal situation.
Ellen Smith-Israelson is the CMO and vice president of philanthropic services at Jewish Communal Fund. Her career in philanthropy spans 36 years working in the arts, higher education and Jewish organizations. For help deciding whether a donor advised fund is right for you, visit JCFNY.org or contact the JCF team to request more information or schedule a call.
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The post Smart tips to help maximize your charitable giving — and your tax benefits appeared first on Jewish Telegraphic Agency.
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Israel Strikes Houthi Targets in Yemen
Smoke rises after Israeli strikes near Sanaa airport, in Sanaa, Yemen, Dec. 26, 2024. Photo: REUTERS/Khaled Abdullah
Israel struck multiple targets linked to the Iran-aligned Houthi terrorist group in Yemen on Thursday, including Sanaa International Airport, and Houthi media said three people were killed.
The head of the World Health Organization, Tedros Adhanom Ghebreyesus, said he was about to board a plane at the airport when it came under attack. A crew member on the plane was injured, he said in a statement.
The Israeli military said that in addition to striking the airport, it also hit military infrastructure at the ports of Hodeidah, Salif, and Ras Kanatib on Yemen’s west coast. It also attacked the country’s Hezyaz and Ras Kanatib power stations.
Houthi-run Al Masirah TV said two people were killed in the strikes on the airport and one person was killed in the port hits, while 11 others were wounded in the attacks.
There was no comment from the Houthis, who have repeatedly fired drones and missiles towards Israel in what they describe as acts of solidarity with Palestinians in Gaza.
Israeli Prime Minister Benjamin Netanyahu said following the attacks that Israel will continue its mission until it is complete: “We are determined to sever this terror arm of Iran’s axis.”
The prime minister has been strengthened at home by the Israeli military’s campaign against Iran-backed Hezbollah forces in southern Lebanon and by its destruction of most of the Syrian army’s strategic weapons.
The Israeli attacks on the airport, Hodeidah and on one power station, were also reported by Al Masirah TV.
Tedros said he had been in Yemen to negotiate the release of detained UN staff detainees and to assess the humanitarian situation in Yemen.
“As we were about to board our flight from Sanaa … the airport came under aerial bombardment. One of our plane’s crew members was injured,” he said in a statement.
“The air traffic control tower, the departure lounge — just a few meters from where we were — and the runway were damaged,” he said, adding that he and his colleagues were safe.
There was no immediate comment from Israel on the incident.
More than a year of Houthi attacks have disrupted international shipping routes, forcing firms to re-route to longer and more expensive journeys that have in turn stoked fears over global inflation.
The UN Security Council is due to meet on Monday over Houthi attacks against Israel, Israel‘s UN Ambassador Danny Danon said on Wednesday.
On Saturday, Israel‘s military failed to intercept a missile from Yemen that fell in the Tel Aviv-Jaffa area, injuring 14 people.
The post Israel Strikes Houthi Targets in Yemen first appeared on Algemeiner.com.
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Controversial Islamic Group CAIR Chides US Ambassador to Israel Jack Lew for Denying Report of ‘Famine’ in Gaza
US Ambassador to Israel Jack Lew. Photo: Alchetron.
The Council on American–Islamic Relations (CAIR) has condemned US Ambassador to Israel Jack Lew for casting doubt on a new report claiming that famine has gripped northern Gaza.
The controversial Muslim advocacy group on Wednesday slammed Lew for his “callous dismissal” of the recent Famine Early Warning Systems Network (FEWS NET) report accusing Israel of inflicting famine on the Gaza Strip. The organization subsequently asserted that Israel had perpetrated an ethnic cleansing campaign in northern Gaza.
“Ambassador Lew’s callous dismissal of this shocking report by a US-backed agency exposing Israel’s campaign of forced starvation in Gaza reminds one of the old joke about a man who murdered his parents and then asked for mercy because he is now an ‘orphan,’” CAIR said in a statement.
“To reject a report on starvation in northern Gaza by appearing to boast about the fact that it has been successfully ethnically cleansed of its native population is just the latest example of Biden administration officials supporting, enabling, and excusing Israel’s clear and open campaign of genocide in Gaza,” the Washington, DC-based group continued.
On Monday, FEWS Net, a US-created provider of warning and analysis on food insecurity, released a report detailing that a famine had allegedly taken hold of northern Gaza. The report argued that 65,000-75,000 individuals remain stranded in the area without sufficient access to food.
“Israel’s near-total blockade of humanitarian and commercial food supplies to besieged areas of North Gaza Governorate” has resulted in mass starvation among scores of innocent civilians in the beleaguered enclave, the report stated.
Lew subsequently issued a statement denying the veracity of the FEWS Net report, slamming the organization for peddling “inaccurate” information and “causing confusion.”
“The report issued today on Gaza by FEWS NET relies on data that is outdated and inaccurate. We have worked closely with the Government of Israel and the UN to provide greater access to the North Governorate, and it is now apparent that the civilian population in that part of Gaza is in the range of 7,000-15,000, not 65,000-75,000 which is the basis of this report,” Lew wrote.
“At a time when inaccurate information is causing confusion and accusations, it is irresponsible to issue a report like this. We work day and night with the UN and our Israeli partners to meet humanitarian needs — which are great — and relying on inaccurate data is irresponsible,” Lew continued.
Following Lew’s repudiation, FEWS NET quietly removed the report on Wednesday, sparking outrage among supporters of the pro-Palestinian cause.
“We ask FEWS NET not to submit to the bullying of genocide supporters and to again make its report available to the public,” CAIR said in its statement.
In the year following the Palestinian terrorist group Hamas’s invasion of and massacre across southern Israel last Oct. 7, Israel has been repeatedly accused of inflicting famine in Hamas-ruled Gaza. Despite the allegations, there is scant evidence of mass starvation across the war-torn enclave.
This is not the first time that FEWS Net has attempted to accuse Israel of inflicting famine in Gaza. In June, the United Nations Famine Review Committee (FRC), a panel of experts in international food security and nutrition, rejected claims by FEWS Net that a famine had taken hold of northern Gaza. In rejecting the allegations, the FRC cited an “uncertainty and lack of convergence of the supporting evidence employed in the analysis.”
Meanwhile, CAIR has been embroiled in controversy since the onset of the Gaza war last October.
CAIR has been embroiled in controversy since the Oct. 7 atrocities. The head of CAIR, for example, said he was “happy” to witness Hamas’s rampage across southern Israel.
“The people of Gaza only decided to break the siege — the walls of the concentration camp — on Oct. 7,” CAIR co-founder and executive director Nihad Awad said in a speech during the American Muslims for Palestine convention in Chicago in November. “And yes, I was happy to see people breaking the siege and throwing down the shackles of their own land, and walk free into their land, which they were not allowed to walk in.”
CAIR has long been a controversial organization. In the 2000s, it was named as an unindicted co-conspirator in the Holy Land Foundation terrorism financing case. Politico noted in 2010 that “US District Court Judge Jorge Solis found that the government presented ‘ample evidence to establish the association’” of CAIR with Hamas.
According to the Anti-Defamation League (ADL), “some of CAIR’s current leadership had early connections with organizations that are or were affiliated with Hamas.” CAIR has disputed the accuracy of the ADL’s claim and asserted that it “unequivocally condemn[s] all acts of terrorism, whether carried out by al-Qa’ida, the Real IRA, FARC, Hamas, ETA, or any other group designated by the US Department of State as a ‘Foreign Terrorist Organization.’”
The post Controversial Islamic Group CAIR Chides US Ambassador to Israel Jack Lew for Denying Report of ‘Famine’ in Gaza first appeared on Algemeiner.com.
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Jewish Civil Rights Group Representing Amsterdam Pogrom Victims Slams Dutch Court for ‘Light Sentences’
Israeli Maccabi Tel Aviv supporters are guarded by police after violence targeting Israeli football fans broke out in Amsterdam overnight, in Amsterdam, Netherlands, November 8, 2024. Photo: REUTERS/Ami Shooman/Israel Hayom
The international Jewish civil rights organization legally representing more than 50 victims of the attack on Israeli soccer fans that took place in Amsterdam last month has joined many voices in lambasting a Dutch court for what they described as a mild punishment for the attackers.
“These sentences are an insult to the victims and a stain on the Dutch legal system,” The Lawfare Project’s founder and executive director Brooke Goldstein said in a statement on Wednesday. “Allowing individuals who coordinated and celebrated acts of violence to walk away with minimal consequences diminishes the rule of law and undermines trust in the judicial process. If this is the response to such blatant antisemitism, what hope is there for deterring future offenders or safeguarding the Jewish community.”
On Tuesday, a district court in Amsterdam sentenced five men for their participation in the violent attacks in the Dutch city against fans of the Israeli soccer team Maccabi Tel Aviv. The premeditated and coordinated violence took place on the night of Nov. 7 and into the early hours of Nov 8, before and after Maccabi Tel Aviv competed against the Dutch soccer team Ajax in a UEFA Europa League match. The five suspects were sentenced to up to 100 hours of community service and up to six months in prison.
The attackers were found guilty of public violence, which included kicking an individual lying on the ground, and inciting the violence by calling on members of a WhatsApp group chat to gather and attack Maccabi Tel Aviv fans. One man sentenced on Tuesday who had a “leading role” in the violence, according to prosecutors, was given the longest sentence — six months in prison.
“As someone who witnessed these trials firsthand, I am deeply disheartened by the leniency of these sentences,” added Ziporah Reich, director of litigation at The Lawfare Project. “The violent, coordinated attacks against Jews in Amsterdam are among the worst antisemitic incidents in Europe. These light sentences fail to reflect the gravity of these crimes and do little to deliver justice to the victims who are left traumatized and unheard. Even more troubling, they set a dangerous precedent, signaling to future offenders that such horrific acts of violence will not be met with serious consequences.”
The Lawfare Project said on Wednesday that it is representing over 50 victims of the Amsterdam attacks. It has also secured for their clients a local counsel — Peter Plasman, who is a partner at the Amsterdam-based law firm Kötter L’Homme Plasman — to represent them in the Netherlands. The Lawfare Project aims to protect the civil and human rights of Jewish people around the world through legal action.
Others who have criticized the Dutch court for its sentencing of the five men on Tuesday included Arsen Ostrovsky, a leading human rights attorney and CEO of The International Legal Forum; Tal-Or Cohen, the founder and CEO of CyberWell; and The Center for Information and Documentation on Israel.
The post Jewish Civil Rights Group Representing Amsterdam Pogrom Victims Slams Dutch Court for ‘Light Sentences’ first appeared on Algemeiner.com.
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