As discussed in our July 2018 Update article titled "The Increased Standard Deduction: Impact on Charitable Giving," the Tax Cuts and Jobs Act (the Act) indirectly decreased the tax incentives for charitable giving by nearly doubling the standard deduction. This means that fewer taxpayers will itemize their tax deductions and taxpayers who no longer itemize may be less inclined to make charitable gifts. Only time will tell how the Act will change the charitable giving landscape. In the interim, a few estimates from various sources demonstrate the chilling effect the Act could have on charitable giving:
Our July 2018 Update article mentioned above describes strategies that can be used in order to better utilize the charitable deduction under the new tax law.
Day Pitney Estate Planning Update
Day Pitney Estate Planning Update
Day Pitney Estate Planning Update
Day Pitney Estate Planning Update
Day Pitney Estate Planning Update
Day Pitney Estate Planning Update
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