CLEVELAND, Ohio -- Fidato Wealth is encouraging members of the community to join staff and clients in dropping off new shoes, clothes and school supplies at its Middleburg Heights office. The plan is to help Shoes and Clothes for Kids charity.
In another event, Cricket Wireless is taking a different approach with holiday gift giving by donating a truckload of toys to Salvation Army in Cleveland today. To make sure lots of kids have new toys on Christmas morning, the prepaid wireless service provider donated $1 – up to a max of $50,000 - toward the purchase of toys for every ‘like’ on a participating Cricket Wireless retail store’s Facebook page.
These are just two examples of nonprofits in Northeast Ohio - among hundreds – that benefit more than ever in December from corporations and individuals. Various national polls indicate that about one-third of all charitable giving is done in the last three months of the year. Online nonprofit resource, Neon, reports nearly a third of all annual giving takes place in December.
“Just like all nonprofits, we are anxious to see how last year’s tax changes impact this year’s charitable giving,” said Terry Uhl, executive director of Shoes and Clothes for Kids. “It’s a big deal to us.”
The Tax Cuts and Jobs Act is expected to reduce the marginal tax benefit of giving to charity by more than one quarter in 2018, raising the after-tax cost of donating by about 7 percent, according to the Tax Policy Center.
Even though people don’t give to charity just to get a tax deduction, changes in the law are a concern for many charities. Millions of non-itemizers contributed each year under the old tax law, and many will continue to do so under the Tax Cuts and Jobs Act. However, according to the new Tax Policy Center estimates, the (TCJA) is expected to shrink the number of households claiming an itemized deduction for their gifts to non-profits from about 37 million to about 16 million in 2018. If you don’t itemize, you get no deduction. Currently, about 30 percent of all taxpayers itemize.
Change in the share of taxpayers taking itemized deductions for charitable giving under the TCJA.
New Outlooks - Not Just New Outfits
“SC4K is an organization which positively impacts the lives of Greater Cleveland area school children by giving them the self-esteem and confidence that comes from having brand new shoes and clothes and essential school supplies,” Tony D’Amico, CFP, CEO and senior wealth advisor said in a statement.
Needed items include coloring and drawing supplies, art supplies, socks, hats and gloves, backpacks, pocket folders, and wide rule notebooks. New and unwrapped items will be accepted through Dec. 21 from 9 a.m-5 p.m at Fidato Wealth: 7530 Lucerne Drive, Suite 400 in Middleburg Heights.
“It’s a natural step to invite the community as a whole to participate along with our firm and our clients,” said D’Amico, noting that there’s synergy with his firm that helps people reach financial goals. SC4K also works to change people’s outlooks or point of view in a different manner.
“SC4K is the only non-profit organization in Greater Cleveland providing new shoes, school uniforms, clothes and school supplies throughout the year at no charge to thousands of children in need,” Uhl said. “We’re pleased that Fidato Wealth has become involved and will serve as a drop off location.”
Cricket - Delivering a truck full of toys today
Cricket Wireless plans to deliver a truck full of toys to the Salvation Army in Cleveland today in an effort to help bring smiles to children in need this holiday season.
“We are so grateful for Cricket’s commitment to serving families in need through The Salvation Army,” Lt. Col. Ward Matthews, national secretary for Community Relations and Development for The Salvation Army, said in a statement.
“With their help, many children in need will wake up on Christmas morning to toys under the tree.”