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December 20, 2018 at 12:55 PM
Nonprofits fear that the near-doubling of the standard deduction contained in the new tax law could have a deleterious effect on charitable donations this year.
And while they could be right — since many contributions will no longer be deductible — the altruism that spurs many donations could carry the day regardless, according to Jill Schlesinger, senior CFP Board ambassador.
In a blog post, Schlesinger writes that although many donations will no longer be deductible, there are also strategies that consumers can use to get the most bang from their charitable buck.
The change comes at a time when charitable donations rose to the dizzying heights of more than $410 billion in 2017, thanks to a rising stock market, strong economy and change in the tax code. But, writes Schlesinger, “Under the new tax law, approximately 85–90% of Americans will not be entitled to deduct their contributions.”
But aSchlesinger highlights strategies available to make contributions pay off for both donor and recipient. Bundling future years’ contributions, for instance, can create a big enough pool of money to justify itemizing in the current year.
