The tax law and charitable donations

Charities may get fewer donations under the new tax law.    A study estimated donations could drop by 4.5% or $13 billion.  Under the new law, the higher standard deduction will mean that many middle-class taxpayers will not qualify for the charity deduction.  It is not expected to affect donations from the wealthy.  The article notes that wealthy people donate more to museums and universities while donors of smaller amounts are more likely to donate to social service or religious organizations.

This article discusses tax-related strategies for donating under the new law.

update: Projected impact of tax cuts on deductions

 

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