Making Your Donations Tax Efficient

Are you in a position where you’re no longer able to deduct your donations? There may still be a way you can give to your favorite charities and be rewarded by the IRS.

Because of the near doubling of the standard deduction as a result of the Tax Cut and Jobs Act (TCJA), the number of households itemizing deductions went from 47 million in 2017 down to an estimated 18 million for 2018.

Photo: fhwrdh on Flickr.com

Below are a couple of common strategies for giving that many people still aren’t aware of. Along with those, I’ll share an alternative, that, while not necessarily providing a tax deduction, can still net you a financial benefit.

Tax Efficient Strategies for Charitable Giving:

  • Qualified Charitable Distributions
  • Bunching Donations

To read the entire article, visit http://ataraxiaadvisory.com/tax-efficient-donations-under-the-new-tax-law/

Adapted from an article by Mike Jones, owner of Ataraxia Advisory Services & New River Land Trust Board Member