People rush to make charitable donations before year's end - KXLT - Fox 47 Rochester MN News, Weather, Sports #rochmn

People rush to make charitable donations before year's end

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ROCHESTER, Minn. (FOX 47) -

People are rushing to make some last minute charitable donations before the new tax code kicks in. 

The Rochester Area Foundation says it's seeing a lot of people donating to charities to meet the standard deduction before year's end.

They're also seeing more nonprofits worried about receiving donations after the new year.

That's because the new tax law doubles the standard deductions for singles and married couples, which means it may be harder to get write-offs for donations.

The Rochester Area Foundation says many people are choosing to use a Donor Advised Fund.

That's where a taxpayer puts money into a fund at the foundation in order to meet their standard deduction.

Then, they can choose to give out the money to various nonprofits over time.

"There are always people opening donor advised funds, throughout the year but at the end of the year November and December we always see an influx of people," says Amalie Frankel, Rochester Area Foundation's Philanthropy Officer. "With this new tax code these last two weeks have been very busy and we expect tomorrow to be very busy as well."

You have until December 31st to make donations that will count in this tax year.

The Rochester Area Foundation is open just one more day this year: Friday, December 29th.
 

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