Boost your charitable giving this year, in case the GOP tax bill becomes law

Personal Finance


As the season of charitable giving kicks off, it’s a good time to plan how to minimize your 2017 tax bill while exercising your generosity.

This year, with tax legislation in Congress moving closer to possible passage, some experts are advising doing a few things differently when it comes to charitable donations. In short, it might be worthwhile to boost your giving.

“We’re advising clients to make as many charitable contributions as they can afford,” said Kim Garcia, a principal with Diversified Trust in Greensboro, North Carolina.

Although the tax break for charitable contributions is one of the few deductions retained under both the Senate and House tax bills, other changes would likely reduce its usefulness. Because the standard deduction would be doubled and most other deductions would disappear under proposed reforms, fewer taxpayers would itemize — which is the only way to take advantage of the deduction for charitable contributions.



Source link

Products You May Like

Articles You May Like

Foxconn announces North American headquarters in Wisconsin
If you are your own boss, don’t miss this tax deadline
Snap shares plunge after analyst says users are less engaged
Russia cuts Treasury holdings in half as foreigners start losing appetite for US debt
How to push the agenda

Leave a Reply

Your email address will not be published. Required fields are marked *