Bethlehem Lutheran
Church Twin Cities
Annual Meeting
Saturday, February 3, 9:30 am at
Minneapolis campus
Votes for new representatives on the
Council will be taken. The slate of
candidates is posted at both church
campuses. Budget will be determined.
Conversation about where we've
been and where we're going will take
place. We have much for which to be
thankful. We hope you'll make every
effort to come for the whole morning
as we engage in work that contributes
to the Bethlehem story that continues
to unfold.
YOUR GIVING MAKES A DIFFERENCE
by Pastor Bob Wertz, Pastor of Stewardship and Planned Giving
With the final passage of the Tax Cuts and Jobs Act of 2017, we want to provide
clear and accurate information to help donors understand what some of the
implications of the final new law are. In the months leading up to the passage of
the largest tax reform act since 1986, many people were concerned that charitable
contributions would be adversely affected by proposed changes that would have
drastically reduced the number of donors who itemize their charitable gifts.
Reliable industry sources predicted that the new tax law would cause charitable
giving to fall by billions of dollars.
However, in the final version of the bill,
some very favorable provisions prevailed:
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At 10:15 am we'll be offering
6 WOW Workshops to equip
us to enrich the Sunday morning
worship experience. Workshops
will be available for ushers, readers,
hospitality, greeters, communion
servers and new member mentors.
You're welcome to try something new
or go to a workshop for a ministry
area you've been part of for years. You
choose!
Minnetonka campus will meet with
Pastor Meta learning more about their
new worship leader teams.
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God Dreams Big...
Dear Sisters and Brothers in Christ,
Thank you for your generous response
to the matching gift drive initiated
at the end of 2017. We exceeded our
goal, receiving a little over $50,000.
With the promised matching gift, that
means together we invested $90,000
to support the ongoing mission of
Bethlehem Lutheran Church Twin
Cities.
God dreams big and through your
generosity God is at work to care for
those in need and share the good news
of Jesus Christ. Tha nk you! And thank
you for your ongoing commitment to
this life-giving work to which God calls
us.
With grateful hearts,
Pastors Mary & Ben
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While a number of deductions,
credits, and adjustments were
repealed or curtailed, the charitable
deduction came through the process
essentially unscathed (and was even enhanced for some donors making
larger gifts). The House, Senate, and final conference versions maintained
the charitable deduction and expanded the overall adjusted gross income
limitations for the deductibility of charitable gifts by 20%, raising the annual
limitation from 50% to 60%.
While the House proposal would have drastically reduced the number of
taxpayers who itemize, the final legislation featured changes introduced by
the Senate version that preserved the benefit of itemizing for a much larger
percentage of individuals who itemized deductions in the past.
For those who will no longer itemize deductions because of the expanded
standard deduction and other factors, many will find their overall income tax
bill reduced under the new tax law, increasing discretionary income that can
be spent, saved, or donated to charity.
While the nuances of the new law are complex and impact different people
in different ways depending on their sources of income and other factors, it’s
clear that the income tax deduction for charitable giving not only survived
but was expanded in some cases. (This is true of both current and deferred
gifts. The new law makes no changes in provisions related to charitable gift
annuities, remainder trusts, lead trusts, or other tax-qualified deferred gifts).
There were also no changes to the IRA rollover provisions that will also grow
in importance as over 3 million baby boomers reach the qualifying age of
70 ½ every year during the coming decade.
The virtual elimination of the federal estate tax for 99.9% of Americans will
create additional resources and incentives for those donors who wish to
extend the reach of their philanthropy beyond their lifetime.
We’re in the process of organizing some educational events at both campuses to
provide additional help for members as they figure out the provisions of the new
tax law. Look for future updates in the CONNECT newsletter, on our website, or
contact me directly at [email protected] or 612.312.3368.
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