Giving to Charity: Strategies to Ensure a Tax and Human Benefit Under New Tax Law
The Tax Cuts and Jobs Act (TCJA) went into effect on Jan. 1. It will take several years to figure out all of the winners and losers, but some of the obvious losers are universities, charities, churches and foundations. Basically, any organizations that offer a tax benefit for giving and, by extension, their donors.
Due to the higher standard deduction, the $10,000 cap on state and local tax deductions, and other changes, fewer than 10% of taxpayers are expected to itemize in the 2018 tax year.
