New Tax Reform Drastically Alters Tax Deductions for Charitable Giving

Only 5 Days Left to Give Before the New Tax Reform Drastically Alters Tax Deductions for Charitable Giving

As we count down the days to 2018 and a spirit of philanthropy is in the air, we encourage you to maximize your 2017 charitable tax deduction to take full advantage of the deduction while you still can.   With the passage of the Tax Reform bill last week, Restore Oregon encourages you to consider donating or renewing your 2018 membership now or “donating forward” before 2017 ends.

It’s helpful to understand that provisions of the new tax law will drastically affect charitable giving in general.  The Chicago Tribune analysis gives a great summary:

Charity. If you generally make small charitable contributions and then deduct those contributions on your taxes, the benefit of doing so will likely decrease on Jan 1.   Why? Filers have a choice between a standard and itemized deductions. Before the new law, some people who gave to charity would itemize those contributions to see a benefit greater than the standard deduction. The new law doubles the standard deduction, so it’s less likely that itemizing those charitable contributions will surpass the benefit from that standard deduction. Giving to charity before the end of the year means that you can still enjoy the same relative tax benefit from those contributions if you usually itemize the contributions.  Charities that have a lot of small donors, the Goldburds noted, are one of the big losers from the tax bill.”

Many of you have already given in 2017 and for that we Thank You! If you’ve been waiting, now is your chance to help send Restore Oregon into 2018 with an extra financial cushion to deliver on our mission.  Since most donors itemize and take a charitable deduction, we’re pretty sure this is “news” and you might be unaware that this is all about to change!


No comments yet.

Leave a Reply

Statewide Partner of the National Trust for Historic Preservation