Quote Of The Week: Why Charities Fear The New Tax Bill

“The new tax code further reduces the privileged status of charitable gifts, treating them the same as purchases from Walmart for the vast majority of taxpayers.”

Todd C. Frankel, “Charities fear tax bill could turn philanthropy into a pursuit only for the rich,” The Washington Post, December 23, 2017

The Takeaway: Charitable gifts will still be deductible under the new tax law. But next year most people will not gain any additional deduction by making charitable gifts, since their standard deductions will be higher.

Many charities and groups like the United Way, the Salvation Army, and Independent Sector fear gifts will now drop off precipitously, endangering the many needy Americans who rely on their programs to make ends meet.

Do you make charitable gifts? To make sure you get the maximum deduction, consider making extra gifts before December 31 of this year, or give money to a Donor-Advised Fund this year and select your ultimate charitable beneficiaries next year.

See also our article on “Six Tips To Making A Charitable Impact”

About Mari Adam

Mari Adam, Certified Financial Planner™ has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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