If you are like me, I am trying to figure out how best to support charitable causes important to me while taking advantage of the relevant tax deductions.
The 2017 Tax Cuts and Jobs Act makes that difficult. The legislation nearly doubled the itemized deduction threshold for taxpayers, which means that for many, taking deductions for gifts to nonprofit organizations is no longer possible.
Of course, administrators of nonprofits worry that the new higher thresholds for taking deductions will discourage philanthropy.
Bankrate, Inc. has published a new guide, "Charitable giving: How to maximize your donation," that provides helpful tips for maximizing your charitable contributions and discusses alternative ways to support charity beyond cash donations.
I learned a lot. Just in time for April 15.
