SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
November/December 2019
New Tax Legislation and Charitable Giving
With the most recent federal tax changes including a much larger standard deduction, charity watchers wondered if the resulting smaller number of taxpayers itemizing deductions would hurt charitable giving. The jury is still out.
Mixed Results
In 2018, charitable giving rose modestly, but the number of donors actually decreased, according to the Fundraising Effectiveness Project. The increase was due to a greater number of donations of at least $1,000, according to the organization.Give More
If you itemize deductions on your tax return, you can deduct more charitable cash donations. Deduct qualified gifts up to 60% of your adjusted gross income (AGI). That’s up from 50%. Rules differ if you donate appreciated assets, but they can potentially lower your capital gains, too. Talk to your tax professional to learn how.If you might otherwise take the standard deduction and you contribute to a donor-advised fund, consider bunching two or three years of donations into one, and then itemize all of them on your tax return and take the standard deduction in subsequent tax years.
Even without the tax deduction, the main reason most people give to charity still exists: to make a difference. Remember that charitable contribution tax changes will expire with many other individual provisions after 2025 unless made permanent before then.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Registered Representatives offering securities and advisory services through Cetera Advisor Networks LLC, member SIPC/FINRA, a broker/dealer and Registered Investment Adviser. Cetera is under separate ownership from any other named entity.
Bonanno Financial Advisors LLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.