Call us today at 615-224-9794   |         

The Charitable Contribution Deduction

The Charitable Contribution Deduction

The good news is, starting this year, taxpayers may now deduct charitable donations totaling up to 60 percent of their adjusted gross income. The bad news, however, is that because the new legislation increased the standard deduction, fewer filers will list itemized deductions. In other words, your itemized deductions will need to exceed your standard deduction on your 2018 return to claim charitable donations.

  • $12,000 for single filers
  • $24,000 for married filers

With new limits on how much you can deduct on mortgage interest and state and local taxes, it is likely that far fewer people will itemize deductions this year. While large donors may continue to benefit from the charitable deduction, smaller donors may need be content with that feeling of good will.1

1 Kay Bell. Bankrate. Nov. 7, 2018. “Here’s how to get a tax deduction for charitable giving.” https://www.bankrate.com/finance/taxes/get-a-tax-deduction-for-charitable-giving-1.aspx. Accessed Jan. 18, 2019.

 

Call Now Button