As the calendar quickly approaches a new year, now is an ideal time to review your tax strategies. And as we celebrate the season of giving, there is truly no time like the present to consider a tax-deductible gift that strengthens your community.

There are several meaningful ways to support local needs while potentially reducing your 2025 tax liability. As always, please consult with your tax advisor about what options are best for your situation, but here are a few commonly beneficial opportunities:

State Tax Credits – Many community projects qualify for state tax credits, which often provide the greatest impact on reducing your liability. Donations to approved programs may allow you to claim a 70% credit against your Kansas state income tax. Unlike a traditional charitable deduction, which only reduces taxable income, this credit directly reduces the amount of state tax you owe. Currently, the Innovation Center in Great Bend has tax credit available for application. Please contact Great Bend Economic Development if you are interested in taking advantage of this tremendous tax strategy.

Establishing a Fund at the Community Foundation – Another option is creating a fund with the community foundation. In many cases, up to 60% of your adjusted gross income is tax-deductible when giving to a community foundation, lowering your federal taxable income. Funds can be tailored to your philanthropic goals, including donor-advised funds that allow you to recommend grants over time within federal guidelines.

Most funds can also be structured as endowments, designed to last forever. An endowment lets you create a legacy that continues to support your community long after your lifetime, almost like playing Santa Claus for important projects and organizations all year long.

As the year winds down, I encourage you to talk with your tax professional about how charitable giving can help reduce your 2025 tax liability while making a lasting difference right here at home.

In the coming months, I will be sharing programs that are being initiated in our communities. Our youth are forming clubs that will provide grant opportunities, our non-profits are meeting to collaborate on ideas, and our foundation is looking for additional ways to invest in our communities. Until then, I wish you a very Merry Christmas and a wonderful start to 2026!

Jason Murray is the executive director of the Golden Belt Community Foundation.