Does the TCJA affect the “price” of your donations?
Abstract: For years, charitable givers have benefited from tax breaks that provided them with extra incentive to donate substantial amounts to charities of their choice. With the passage of the Tax Cuts and Jobs Act (TCJA), however, that incentive has been reduced for many taxpayers. This article discusses the potential tax impact in light of the new rules. By understanding the impact of the new tax rules on giving, individuals can set up a giving plan that benefits everyone involved.