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5 ways to juice charity write-offs

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in Small Business Tax,Small Business Tax Deduction Strategies

The new Tax Cuts and Jobs Act (TCJA) casts a long shadow over charitable gift-giving in 2018.

Alert: Due to several changes in the TCJA, there is less tax incentive to give to charity. Because many taxpayers are no longer itemizing deductions, they will get zero tax benefit from their contributions.

As a result, take steps to maximize charitable deductions, when possible.

Here’s the whole story: When you file your personal tax return, you choose between itemizing and the standard deduction. Prior to the TCJA, moderate-to-high income taxpayers often itemized, since their total itemizable deductions exceeded the standard deduction amount.

But the new law almost doubles the standard deduction amounts to $12,000 for single filers and $24,000 for joint filers. At the same time, it reduces or eliminates several itemized deductions other than the one for charitable deductions. These changes are effective for 2018 through 2025...(register to read more)

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