Charitable Giving Strategies for 2018
Written by: Martin Shields
With the passing of the Tax Cut and Jobs Act at the end of 2017, there were limited changes made directly to charitable giving but there were significant changes made to the standard deductions and deductibility of state taxes that will potentially impact charitable giving.
The Act changed the standard deduction from $6,350 for Single filer to $12,000 and for Married Filing Jointly & Surviving Spouse it was increased from $12,700 to $24,000. Individuals who are 65 and older will get an additional $1,300 towards their standard deduction which increased from $1,250 in 2017. The bill capped state and local taxes deductions at $10,000. There were also a few changes to some itemized deductions including home equity line of credits not being deductible unless they were used for home improvements. The combined impact of these changes means that most people who previously itemized their taxes, especially in New York State, will not itemize going forward and instead use the standard deduction.
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