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workerbee

Charitable giving is at a record high.

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Woo Hoo!  Is this a great country or what!  https://www.usatoday.com/story/money/nation-now/2018/06/12/charity-charitable-giving-philanthropy-foudnations/693212002/  

"Charitable giving surged to a record high in 2017 as Americans gave more than $400 billion for the first time ever to a wide variety of organizations, according to a new report released Tuesday. 

Giving jumped 5.2% from last year to an estimated $410.02 billion in 2017, according to Giving USA 2018, the Giving USA Foundation’s annual report on philanthropy."

"The second-largest increase was an 8.7% jump in gifts to the arts, culture and humanities. Religious organizations, however, continue to receive the most charitable support, with contributions rising 2.9% to $127.37 billion. "

 

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Lots of people took advantage of the charitable deduction, really hit it hard, in 2017. 2018 will be a different story with the new tax laws. Already seeing sharp dropoff in the arts non profits I'm involved with.

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43 minutes ago, ms maggie said:

Lots of people took advantage of the charitable deduction, really hit it hard, in 2017. 2018 will be a different story with the new tax laws. Already seeing sharp dropoff in the arts non profits I'm involved with.

You are 100% correct. 

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1 hour ago, ms maggie said:

Lots of people took advantage of the charitable deduction, really hit it hard, in 2017. 2018 will be a different story with the new tax laws. Already seeing sharp dropoff in the arts non profits I'm involved with.

My tax adviser told me I will be better off for this tax year with the new tax laws, so I'm not sure what you are talking about. I have already bumped up my contributions to Food for the Poor. I guess your mileage will vary if you are rich.

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3 hours ago, ms maggie said:

Lots of people took advantage of the charitable deduction, really hit it hard, in 2017. 2018 will be a different story with the new tax laws. Already seeing sharp dropoff in the arts non profits I'm involved with.

No matter what tax laws they pass people and lawyers will find the holes.  Especially because the real criminals write the tax rules.  

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4 hours ago, ms maggie said:

Lots of people took advantage of the charitable deduction, really hit it hard, in 2017. 2018 will be a different story with the new tax laws. Already seeing sharp dropoff in the arts non profits I'm involved with.

I agree.  A lot of people will be put into the standard deduction category next year so they doubled up this year to get the benefit.  Charities got a windfall at the end of 2017.  They will find that will turn into a drought in 2018.  

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4 hours ago, com6063 said:

My tax adviser told me I will be better off for this tax year with the new tax laws, so I'm not sure what you are talking about. I have already bumped up my contributions to Food for the Poor. I guess your mileage will vary if you are rich.

If by this year you mean 2018 taxes which are filed in 2019, the average person is penalized for charitable donations versus prior years. Standard deduction has doubled so far fewer people will itemize.

There are options for wealthier taxpayers: bundling and donor advised funds e.g. But in general charitable giving will be hit hard.

"A new congressional report estimates that 18 million households will itemize deductions this year, down from 46.5 million last year.

"Without itemized deductions, most people will lose all tax benefits associated with charitable giving," said Kimberly Dula, a partner at the accounting firm Friedman LLP in Marlton, New Jersey."

https://www.cnbc.com/2018/05/11/what-the-new-tax-law-means-for-your-charitable-giving.html

Edited by ms maggie

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