As you may have heard, the recently-passed federal tax bill will effectively eliminate the charitable tax deduction for many taxpayers. (Contact your tax advisor to learn how the new law will specifically affect you).
As a result, many analysts suggest increasing donations in 2017, before the new tax law takes effect. As the Washington Post’s wonkblog writes in “5 things to do before Jan. 1 to lower your tax bill”:
First, give more to charity in 2017. Have you been meaning to donate a couch to the Salvation Army or Goodwill? Or do you feel it’s about time to give a little more to your religious institution or alma mater? If so, get it done by year’s end. It helps reduce your income this year when tax rates are higher. Plus, you might not end up itemizing next year since the standard deduction is nearly doubling.
As you think about your year-end giving and your desire to see significant and lasting change in Baltimore that creates greater opportunity for every resident, we hope you’ll consider OSI-Baltimore. For more information on the work your gift will support, please review our Impact Report.
Bold Thinking, Strategic Action, Justice for All.