With the combination of an increased standard deduction and capped state and local tax deductions, along with other new laws within the tax code, fewer taxpayers seeing a deduction for their charitable contributions. But, as I explain to Fox 59 and CBS 4’s Jill Glavan that doesn’t mean taxpayers will be worse off, or that charitable giving will see a decline. The strategies used and the timing of the donations may change, but most people are giving out of the kindness of their hearts and not solely for the tax deduction. While the deduction is/was nice, it isn’t the main reason people donate to their favorite causes.
Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.
