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Michael A. Milazzo, CLU, ChFC
Registered Principal LPL
The Meridian Financial Company
3350 Club Villas Dr SE, Unit #1303
Southport, NC 28461
Phone: 631-979-4223
Fax: 910-854-0002
Email: mikemilazzo.meridian@lpl.com
November/December 2019
Giving to Charity Still Matters
With the most recent federal tax changes including a much larger standard deduction, charity watchers wondered if the resulting smaller number of taxpayers itemizing deductions would hurt charitable giving. The jury is still out.
Mixed Results
In 2018, charitable giving rose modestly, but the number of donors actually decreased, according to the Fundraising Effectiveness Project.* The increase was due to a greater number of donations of at least $1,000, according to the organization.Give More
If you itemize deductions on your tax return, you can deduct even more charitable cash donations. Deduct qualified gifts up to 60% of your adjusted gross income (AGI). That’s up from 50%. Rules differ if you donate appreciated assets, but they can potentially lower your capital gains. Talk to your tax professional to learn how.If you might otherwise take the standard deduction and you contribute to a donor-advised fund, consider bunching two or three years of donations into one, and then itemize all of them on your tax return and take the standard deduction in subsequent tax years.
Give Regardless
Even without the tax deduction, the main reason most people give to charity still exists: to make a difference. Remember that charitable contribution tax changes will expire with many other individual provisions after 2025 unless made permanent before then.*http://afpfep.org/blog/fundraising-effectiveness-project-quarterly-fundraising-report-for-q4-2018/
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