Tax breaks for charitable giving are disappearing. But are they really?
With the 2018 tax season now behind us, and many of your clients have found their annual charitable gifts got a lot more expensive. The 2017 Tax Cuts and Jobs Act, which went into effect for the 2018 tax year, nearly doubled the standard deduction to over $25,000 for a married couple filing jointly over the age of 65.
To write off charitable contributions, taxpayers need to itemize their deductions instead of taking the standard deduction.