People don't necessarily give to charity because of the tax benefits, but it doesn't hurt, either.
div > div.group > p:first-child"> However, the new tax law, among other things, has eliminated or sharply reduced the benefits of charitable giving for many would-be donors.
As a result, fewer people will likely itemize this year, which means many won't reap the tax benefits of their charitable contributions. "Whether it's $1 million or $10 — it all matters, that's how we fund the school," said Eric Jones, the head of school. Of course, people don't give to charity just to get a tax deduction. And there is a way for smaller donors to preserve the tax advantage of their donations, despite the new, higher standard deduction.
For example, instead of giving $5,000 to charity annually, accelerate the gift by giving $10,000 every two years. This way, you may get your itemized deductions over the limit one year and take the standard deduction the next. Fidelity Charitable similarly reported a record $5.2 billion in grants in 2018, a 17 percent increase over 2017.Good news for borrowers: Here's how to improve your credit score"Under the new tax law, charitable giving is a relative bright spot for donors who itemize because the charitable deduction was preserved while several other popular deductions were capped or eliminated" said Kim Laughton, the president of Schwab Charitable.
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