div > div.group > p:first-child"> However, the new tax law, among other things, has eliminated or sharply reduced the benefits of charitable giving for many would-be donors.
As a result, fewer people will likely itemize this year, which means many won't reap the tax benefits of their charitable contributions. "Whether it's $1 million or $10 — it all matters, that's how we fund the school," said Eric Jones, the head of school. Of course, people don't give to charity just to get a tax deduction. And there is a way for smaller donors to preserve the tax advantage of their donations, despite the new, higher standard deduction.
For example, instead of giving $5,000 to charity annually, accelerate the gift by giving $10,000 every two years. This way, you may get your itemized deductions over the limit one year and take the standard deduction the next. Fidelity Charitable similarly reported a record $5.2 billion in grants in 2018, a 17 percent increase over 2017.Good news for borrowers: Here's how to improve your credit score"Under the new tax law, charitable giving is a relative bright spot for donors who itemize because the charitable deduction was preserved while several other popular deductions were capped or eliminated" said Kim Laughton, the president of Schwab Charitable.
Source: Law Daily Report (lawdailyreport.net)
Yes. Now got to double up.
Well of course it will. The whole point is to destroy the middle class and below
enriching billionaires and corporations WHILE screwing charities..... no wonder Paul Ryan retired, this was his coup de grace yeah he didnt get to cut social security like he wanted but he put us on a path where we'll have to and that was good enough for him
I’m trying to understand why most people didn’t see this coming.
SALT capped at $10k makes it a challenge. Should raise the AGI threshold on non-cash charitables as they did for cash up to 60% but with std deduction doubled unless you have mortgage interest you may not itemize
I hope not.
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