For many Americans the new tax act, now known as TCJA 2017, means they will no longer itemize their tax deductions. While this may make their tax filing simpler, it also means that giving money to charity will no longer be tax deductible. And, while surveys indicate that we Americans don’t give because of the tax savings, there is a consensus that giving will drop precipitously. Some estimates I’ve seen suggest that annual giving will drop by $30 Billion. With 1.5 Million charities fighting for every donation possible, this could mark a tremendous upheaval in the non-profit world. While it should take one or two tax years before anyone really knows what the impact is and how the giving populous has adjusted, charities and advisors ought to be prepared with solutions to help their donors regain the confidence to keep giving and to save taxes, if possible.
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