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Fortune - Trump's 2017 Tax Cuts Are Expected to Lower Charitable Donations
The hits keep on coming.
http://fortune.com/2018/12/26/trump-tax-cuts-lower-charitable-giving/
‘Tis the season for giving—especially if you’re trying to squeeze in some charitable tax breaks for 2018.
Nonprofits may not see the influx of revenue they’re used to, however, as the Trump administration’s Tax Cuts and Jobs Act eliminated many incentives for giving.
To gain more tax breaks via itemized charitable donations, individuals and couples need to give more than the standard deduction. But under last year’s new tax law, the standard deduction for singles nearly doubled, rising from $6,350 to $12,000. For married couples, the standard deduction rose from $12,700 to $24,000.
The Tax Cuts and Jobs Act also capped the state and local tax deduction at $10,000 and eliminated other itemized deductions.
