Home Business How does the new tax law impact charitable giving?

How does the new tax law impact charitable giving?

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The 2017 Tax Cuts and Jobs Act made several changes that will continue to have a significant effect on tax planning in the coming years – including charitable giving.

While there are still tax incentives associated with gifting to charity, the standard deduction increase makes it harder for some households to itemize, thereby eliminating the availability of the charitable contribution deduction.

Conversely, for donors gifting substantial amounts, certain changes make giving more beneficial. Households can take a deduction for contributions to public charities, totaling up to 60 percent of their adjusted gross income.

For more, contact us using the links below.

Kevin F. Israel, Meyer, Unkovic & Scott, kfi@muslaw.com

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