The GOP tax bill, Tax Cuts and Jobs Act (TCJA) of 2017, actually is the most sweeping tax legislation in more than 30 years. Really. The highlights: a big reduction in corporate tax rates and a bunch of changes to personal income tax rates and deductions.
In addition, they have doubled the standard deduction for 2018. As a result, "the incentive to give to charity [in 2018] may decrease since less people will be itemizing," says Mark Luscombe, principal analyst at Wolters Kluwer, a tax and accounting services company.
So what do you do?
It's worth talking to your advisor about moving your 2018 contributions into 2017 to get the tax benefit this year.
And watch our video for some great last minute tips to help get the biggest tax benefit for your generosity.
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