With the most significant tax reform in decades (The Tax Cuts and Jobs Act of 2017) in effect as of January 1st, you may be wondering what the implications of the new law are for you. Like most of the givers we serve, we know that your giving is motivated by much more than tax incentives.

Our charitable giving team has thoroughly researched the new tax law, and we have a few suggestions to help you and your tax advisors as you consider how to give most effectively.

Now, the standard deduction for U.S. individual income taxpayers has increased to $24,000 for a married couple filing jointly, $18,000 for head of household, and $12,000 for individuals. As a result, many taxpayers will no longer itemize deductions on an annual basis. If you are one of them, you may be saving more money in taxes and, therefore, be in a stronger financial position to give.

So here are three key strategies for givers to consider in taking the standard deduction:

  1. Front-load your giving. This helps by capturing deduction benefits every few years.
  2. Focus on non-cash appreciated assets. This helps by eliminating capital gains tax.
  3. Choose a Charitable IRA Rollover. This helps by avoiding inclusion of required minimum distributions in income.

Read more on how these strategies will help your taxes by the NCF Staff at National Christian Foundation.