Attention Charitable Donors. It is now harder to deduct your charitable donations. While a tax deduction isn’t the only reason many give to charity, you should still try to get the most benefit out of your charitable contributions.
In 2018, the Tax Law and Jobs Acts dramatically changed tax laws for charitable deductions. It all starts with the standard deduction, which nearly doubled to $12,000 for individuals and $24,000 for married couples filing jointly. Many middle-income families who used to deduct their donations via itemize deductions will now opt for the standard deduction.
With these changes, the Tax Policy Center estimates that, due to the new tax laws, over $20 billion in charitable donations will no longer be made. Even with the changes, it is still worthwhile to donate to your favorite nonprofit organizations. In this video, SmolenPlevy’s Principal Dan Ruttenberg; Alan Helfer, Managing Member at Helfer & Company, LLC’s; and Mark Friese, Senior Vice President, Wealth Management Advisor for Merrill Lynch Wealth Management outline seven strategies to benefit tax-wise from charitable giving.
About the Author
Daniel H. Ruttenberg
Daniel H. Ruttenberg, JD, CPA, LLM is a principal with the firm. Mr. Ruttenberg received his Bachelor of Science degree with a double major in Accounting and Finance from the University of Maryland. He earned his Juris Doctor with Honors from George Mason University School of Law and his Master of Laws in Taxation with Distinction from Georgetown University Law Center. Mr. Ruttenberg also served as the Director of the Fairfax Bar Association (FBA) for seven years. During this period, he was also elected president – the youngest in FBA history and served as a member of the Board of Directors for the Fairfax Law Foundation.
