Le Lézard
Classified in: Business
Subjects: SVY, EXE, ECO, ACC

Charitable Donations 2018: Implications of the New Tax Law


WASHINGTON, Dec. 19, 2018 /PRNewswire/ -- The combination of the rising stock market, strong economy and change in the tax code resulted in charitable donations by American individuals, bequests, foundations and corporations reaching just over $410 billion in 2017. But, because the new tax law significantly increased the standard deduction, non-profits are now nervous that donations may edge lower this year, says Senior CFP Board Ambassador Jill Schlesinger, CFP®.

Certified Financial Planner Board of Standards, Inc. Logo (PRNewsfoto/Certified Financial Planner Boa)

"Under the new tax law, approximately 85 to 90 percent of Americans will not be entitled to deduct their contributions," says Schlesinger. "But many give for altruistic reasons, not just for tax write-offs, which is why I am hopeful that the giving trends continue. There are also strategies consumers can deploy to make sure they're getting the most from their charitable donations."

Schlesinger shares tips to navigate end of year contributions amid the changes in the tax law:

Read Schlesinger's full blog post here with more details.

For more guidance on charitable contributions, talk to a CERTIFIED FINANCIAL PLANNERtm professional today or visit www.letsmakeaplan.org

ABOUT CFP BOARD
Certified Financial Planner Board of Standards, Inc. is a professional body for personal financial planners in the U.S.  CFP Board sets standards for financial planning and administers the prestigious CFP® certification ? one of the most respected certifications in financial services ? so that the public has access to and benefits from competent and ethical financial planning.  CFP Board, along with its Center for Financial Planning, is committed to increasing the public's awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by firms as the standard for financial planning, CFP® certification is held by nearly 82,000 people in the United States.

 

SOURCE Certified Financial Planner Board of Standards, Inc.


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