Charitable Giving

There are many advantages to giving to charity. While doing good is in and of itself its own reward, it also probably makes you feel good. Reaping the tax benefits from that charitable giving has also been a nice perk. While taxes might not have been at the forefront of your mind when providing assistance to others, the tax deduction for charitable contributions has typically helped shave money off your tax bill if you itemize instead of taking the standard deduction. Under the new Tax Cuts and Jobs Act, the deduction for donations is unchanged, but the bar is higher with the nearly doubled-standard deduction. ‘Tis the season for charitable giving, so make sure you do it correctly and stay on the nice list.

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