♠ Posted by Marc J. Soss in 2017 TAX CUTS AND JOBS ACT,charitable deduction,charitable giving,federal income tax deduction,gift to charity,state income tax deduction
When the new tax law was signed by President Trump most experts viewed it as detrimental to future charitable donations and deductions. The significantly increased standard deduction meant fewer taxpayers needed to file an itemized income tax return and non-itemizers would not benefit from a charitable tax deduction.
While the value of a charitable deduction may have decreased in value for individuals that reside in states without a state income tax it has increased in value for individuals that reside in states with a state income tax. Under the new tax law, the deduction for state income...