Donor-Advised Funds Speak to All Generations
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Younger generations of philanthropists have shown a desire to be involved in their giving beyond just writing a check, according to
John Vires, CFP®, CFA®, at
Mathieson, Moyski, Austin & Co. “Donor-advised funds are a great way for these charitably-minded folks to not only provide financial support, but also to get to know the charities they’re helping to fund,” John said. And, like direct contributions to a charity, gifts to a donor-advised fund (DAF) are fully tax-deductible to the extent of the law.
Here in our area, the
DuPage Foundation fosters philanthropy by connecting donors to area needs and building community partnerships, and DAFs are part of their menu. According to the foundation, DAFs “allow donors the ability to remain an integral part of the giving process by recommending grants to agencies and programs they wish to support, both locally and beyond.” Donor-advised funds can serve as an ideal alternative to private foundations, allowing donors to focus on supporting the causes and organizations they love.
“As with all things tax,” added John, “the primary intent of using a donor-advised fund should be the desire to engage in philanthropy, not the deduction,” and that applies to all generations. The tax savings is a benefit of giving, but only in the context of supporting a worthwhile cause. "If your marginal tax rate is 25%, you are still spending 75 cents to save 25 cents on every dollar donated," John said.
If you have questions about DAFs or would like to discuss establishing one, contact us at
630-653-1616 or
email us. We’re eager to help you with your tax goals as well as your philanthropic ones.
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Have You Had a Paycheck Check-Up Yet?
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The
Internal Revenue Service has launched an awareness campaign in response to taxpayers who were taken aback by their tax refunds (or lack thereof) this year due to new tax laws. The IRS is encouraging taxpayers to perform a “
Paycheck Check-up.”
The IRS is urging people to use the “
Withholding Calculator” available on the IRS website to help taxpayers avoid any surprises caused by the Tax Cuts and Jobs Act (TCJA). This will help you make sure that the correct amount of money is being withheld from your paycheck to cover tax obligations for 2019.
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If you’re performing a check-up, you’ll need to have access to your completed 2018 tax return as well as your most recent pay stub. Then, use the results from the calculator to complete and submit a new Form W-4 to your employer.
If you have questions about your own “paycheck check-up,” please give us a call. We’re happy to help.
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From Our Accounting Services Staff
Speaking of check-ups, our accounting services staff would like to remind business owners to update your
QuickBooks software. Any version prior to 2017 will no longer be supported by Intuit. If you're a client working with our accounting services team, you'll want to update in order to streamline our work together. Thank you!
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War Hero Honored on Father's Day
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This past Father’s Day was more than special for partner
Brian Hagene, CPA. Brian and his family traveled to Washington, D.C., to celebrate the life of Brian’s late father,
Lawrence (Larry) Raymond Hagene, at the
In Memory program hosted by the
Vietnam Veterans Memorial Fund (VVMF). This program honors those who returned home from Vietnam but who later died as a result of their service.
Brian’s father was one of 534 Vietnam veterans honored at the 2019
In Memory ceremony on June 15. The ceremony included a reading of all the names and an opportunity for the families to accept a framed photo and certificate. Brian accompanied his wife,
Holli, daughter
Kate and son
Jake, along with his sister
Kelli McDonald and stepmother
Marcia Hagene, to Washington to participate in the ceremony.
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Mr. Hagene was drafted into the Army in 1968 and received the Purple Heart. He was an active member of the
American Legion, an enthusiastic gardener and a family man who loved deer-hunting and being outdoors, just like his son, Brian.
A plaque is placed on the grounds of the
Vietnam Veterans Memorial site, next to the
Wall, to honor the soldiers who died.
In Memory was created in 1993 by the
Friends of the Vietnam Veterans Memorial, and 3,600 veterans have been added since the program began. More than 2,000 family and friends were in attendance at the June event along with Brian and his family. Their loved ones’ names will be added to the
In Memory
Honor Roll. Mr. Hagene’s name is now among them.
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Our People Make a Difference
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If it's true that we are judged by the company we keep, then we're in pretty good company.
The
College of DuPage Foundation recently honored the Mathieson, Moyski, Austin & Co. team with a tile on the wall of their new "
Partnership Hall." We are proud to be profiled in Partnership Hall along with organizations including
Argonne National Laboratory, Pepsi, Disney Internships and Programs,
The Morton Arboretum, The DuPage Foundation and
Sodexo. If you're on campus, look for our name and logo in the Student Services Center on COD's Glen Ellyn campus.
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The mission of the College of DuPage Foundation is to obtain and steward contributions to expand educational and cultural opportunities for the College of DuPage community.Thanks to Foundation supporters and friends, the Foundation has invested millions of dollars in student scholarships, expansion and enrichment of programs and other education essentials.
Special kudos to Mr. Vires who serves as treasurer of the College of DuPage Foundation.
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Our firm is growing--in more ways than one.
Alice Berardi, CPA, and her husband
Zachary Cute welcomed
Vivien Lynn Cute at 5:59 p.m. on Saturday, June 8. Ms. Vivien weighed in at 5 pounds, 11 ounces. Prior to Vivien's arrival the MMA & Co. team celebrated with an all-staff baby shower. Alice is now enjoying some time off on maternity leave as she and her husband continue to get acquainted with their new daughter. Congratulations to this new family!
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Summer is here and the Fourth of July is just around the corner. As June rolls into July, we stop to express our appreciation to all the men and women in the armed services. We are grateful to men like Brian’s father and all the people who serve or have served this great nation.
Whether you celebrate the holiday at the beach, in the park, on a boat or at home, we hope you have a safe and joyous Fourth. Please let us know how we can be of service to you. The pace around here may slow down a bit over the summer, but we are still here to serve!
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Ron Austin, CPA
Brian Eisenmenger, CPA
Brian Hagene, CPA
Brett Mathieson, CPA
Mike Moyski, CPA
John Straus, CPA
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