This article appeared on NJ.com. Read the full article here.
The holiday season is prime time for charitable giving.
Worthy causes ramp up their efforts to get people to give, and in past years, they’ve been able to dangle a nice tax deduction as incentive.
About 12 percent of giving happens in the last three days of the year, according to Charity Navigator.
But under the new tax plan, many taxpayers won’t be able to deduct their donations.
Only 8 percent of households are expected to take charitable deductions in 2018, compared to 21 percent last year, according to the Tax Policy Center (TPC).
It said the lack of a deduction will reduce giving by folks in most tax brackets, except for the super rich.
This article explores:
- Who is giving
- What has changed
- The SALT difference
- How NJ handles charitable deductions
- How to decide if you will itemize
- Bunching strategy
- Donating appreciated investments
- Donor Advised Funds
- Qualified Charitable Distributions