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Charitable Tax Deductions for 2018

For 2019 Filings

What’s been said

Between late summer and end of 2017, the news was beyond frightening about what
would happen with the tax reform for 2018. Some of the most troublesome news was in
regard to deductions normally allowed on individual taxes.

Most of our clients are non-profit organizations and we were concerned for them and
the people they serve. We did a little digging and found some good news we wanted to
share.

What is true

Taxes are always confusing and different for everyone, which is why it’s difficult to discuss. However, when we compared guidelines for 2017 to 2018, there are quite a few good things to share.

  1. The standard deduction has almost doubled for every category.
  2. The tax rate is reduced for every tax bracket
  3. Student Loan Interest deduction remains the same
  4. There is still a Home Mortgage Interest deduction
  5. AND the deduction for Charitable cash donations by individual taxpayers to registered public charites has increased from 50% to 60%

What is the key take-away?

We should all have more money in our pockets to give to the charities we want to support.  Most people who are W2 earners have already seen the tax reduction in their paychecks since January 2018.  

This is exciting for individuals and very important for the charities we support.  It’s certain those charities will need even more of our individual support as they will likely receive less from government sources.

About Diann Roche, Director of Operations