End of Year Charitable Giving 2017

End of Year Charitable Giving 2017

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The Tax Cuts & Jobs Act is a significant tax law change that will be enacted effective for 2018. However, any change for 2018 may have potential effects on your 2017 taxes. Both the House and Senate bills will nearly double the standard deduction to $24,000 for married couples ($18,000 for head of household and $12,000 for single persons). Because of this higher standard deduction, most people will utilize it instead of itemizing deductions.

In light of the changes to the standard deduction and itemized deductions for 2018, we recommend taxpayers who would normally make donations to their church and other nonprofit organizations during January and February consider making those donations before the end of 2017. This is a simple strategy for taxpayers who will itemize deductions in 2017 to get the biggest bang for their buck right now.

Happy New Year!
CPA Consulting Group, LLP

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