As you close out the year and begin preparing for tax season, consider using one of these giving strategies to make a larger impact for Arizona at lower personal financial cost. Many philanthropic giving strategies provide flexibility, safeguard wealth, and allocate funds where they are most needed.

• Qualified Charitable Contributions (QCO) - Arizona allows you to apply dollar-for-dollar credit towards your state taxes when you donate to a QCO up to $400 for single filers or $800 for married couples filing jointly. The credit is unique because it allows taxpayers to direct tax dollars to charities they believe offer the most value to their local communities, rather than being sent to the state for distribution to other services.

• Qualified Charitable Distributions (QCD) - A tax-efficient way for those 70 ½ or older to donate from their IRA, while also counting towards your annual Required Minimum Distribution.

• Donor Advised Funds (DAF) - Deposit cash and non-cash assets to this charitable investment account over time, and receive immediate tax deductions and other benefits from your contributions. A donor advised fund is a separately identified fund or account that is maintained and operated by a section 501(c)(3) organization, which is called a sponsoring organization. Once the donor contributes, the organization has legal control over it. However, the donor, or the donor's representative, retains advisory privileges regarding the distribution of funds and the investment of assets in the account.

• Charitable Lead Trusts (CLT) - An irrevocable trust with annual distribution made to one or more designated charitable beneficiaries for a certain length of time. After the trust term, the remainder of the trust is distributed to non-charitable beneficiaries — such as family members. It offers benefits like income tax deductions or estate or gift tax savings on assets passed to the individuals designated as remainder beneficiaries. The trust distributes regular payments to benefit a preferred charity or charities during the term of the trust.

• Charitable Remainder Trust (CRT) - Irrevocable trusts that let you donate assets to charity and draw annual income for life or for a specific time period. Potential benefits include the allowance to defer income taxes on the sale of assets transferred to the trust and the possibility of a partial charitable deduction based on the value of the charitable interest in the trust.

Have a conversation with your trusted advisors about these tax-savvy donation strategies and the shifting tax landscape before the year comes to a close. For more information on the tax implications of charitable giving, visit the IRS website.