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.
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