Giving to Grace in 2017

The recent changes to the tax codes might mean something to you. Accelerating your charitable gifts to 2017 may have greater tax benefit than in future years due to an increase in the standardized deduction and lower future tax rates.

The major change that may impact your contributions is the standard deduction in 2018. The deduction for a person filing single will be $12,000, and the deduction for those filing married is $24,000. Deductions in 2018 for those taxpayers that itemize, including charitable giving, will be applied to a lower tax rate than the 2017 tax year. Due to these changes, accelerating your gifts prior to January 1, 2018, may maximize your tax benefit for charitable gifts.

Note that checks must be delivered or postmarked on or by December 31, 2017 to claim a charitable contributions deduction in 2017, even if the check is predated to 2017 or was actually written in 2017. Checks that are written, mailed, and postmarked in 2017 will be shown as a deduction in 2017 even though they are not received by the church until 2018. You may also go online to give before the end of the year by going here. In addition, be sure to wait to file your tax return until after you’ve received your statement from the church to ensure that all your contributions are deductible.

  Related Posts
  • No related posts found.

You must be logged in to post a comment.