The amount you donate to charity can make an impact on the organizations you support while providing relief from federal income tax. Now that we have had a full year to review the impact of the Tax Cuts and Jobs Act (TCJA), charitable giving can still play a key role in your tax planning.
The TCJA continues to provide tax benefits for charitable giving for those taxpayers who are able to itemize their deductions. In fact, charitable contributions are one of the few deductions that were enhanced under the Act, which increased the AGI limitation on cash contributions from 50% to 60%. The 30% limitation on contributions of appreciated assets still applies and contributions exceeding the limits may be carried over for up to five years.Read More