Giving Compass’ Take:
• Darla Mercado explains how donors can maximize their own tax breaks and better serve nonprofits under the 2017 tax law.
• How do these strategies align with your existing giving methods?
• Learn about more tax deduction strategies for donors.
The tax overhaul took away many of the levers taxpayers could use to ramp up their deductions so that they could itemize on their taxes.
For instance, filers could previously take an unlimited deduction every year for property and state income taxes. Now, they are only allowed to claim up to $10,000 in these expenses each year.
Consider that a married couple is claiming the maximum property and state income tax deduction of $10,000. This couple also paid $6,000 in mortgage interest in a year.
They will need at least $8,000 of charitable gifts in order to hit — and surpass — the $24,000 standard deduction threshold.
If this couple normally gives $4,000 to charity annually, they can accelerate the gift by cramming in two years of donations into one tax year. This way, they itemize on their taxes one year and take the standard deduction the next.
Read the full article about giving strategies by Darla Mercado at CNBC.
Learning and benchmarking are key steps towards becoming an impact giver. If you are interested in giving with impact on Philanthropy take a look at these selections from Giving Compass.
Looking for a way to get involved?
Learning with others and benchmarking are key steps towards becoming an impact giver. If you are interested in giving with impact for Advocacy and Policy, take a look at these events, galas, conferences and volunteering opportunities to connect with individuals like you.
Are you ready to give?
In addition to learning and connecting with others, taking action is a key step towards becoming an impact giver. If you are interested in giving with impact for Advocacy and Policy take a look at these Giving Funds, Charitable Organizations or Projects.