The Republicans’ tax overhaul, which President Donald Trump signed into law last week, has some serious implications for non-profits that rely on donations from individuals.
Nonprofits, including Operation Migration, are bracing for the effects of the federal tax overhaul, hoping people will continue to make charitable contributions in 2018 even though fewer taxpayers are expected to itemize deductions next year.
Some experts are recommending you get a jump on charitable contributions. If you are someone who is donating to charity in order to itemize deductions in 2017, will take the standard deduction in 2018 and are anticipating making charitable donations in 2018, consider making 2018 contributions before December 31.
“While charitable donations will still remain deductible under the tax reform, some historical itemizers may find it more beneficial to take the standard deduction due to the fact that it will be doubling,” says Alexander Rupert, a financial planner in Cleveland, OH. “Donating any 2018 earmarked funds before 2017 year end will provide a larger benefit in an individual’s 2017 taxes who are anticipating not itemizing in 2018.” Source: Forbes.com
If you would like to make your 2018 contribution to Whooping Crane conservation in 2017, you still have 4 days to do so. Give us a call at 800-675-2618 – Our office is closed this week but we are checking messages and returning calls several times throughout the day.