March 2019: Charitable Contributions – Are They Still Tax Deductible?
The recent tax law has changed the nature of charitable giving a bit and we’re writing with a brief summary of how you can enjoy the greatest tax-deductibility of your charitable contributions.
Generally speaking, when you make a contribution to a qualified charity or non-profit, that amount is allowed to be potentially deducted on your income tax return (and thus lower your taxes). Whether you actually end up getting a deduction depends mainly on whether or not you do what is called itemizing your deductions.
For 2019, each individual is allowed to take $12,200 off of income while couples can take $24,400 off. This “Standard Deduction” is a flat deduction the IRS offers to everyone.
But, if you have actual deductible expenses which total more than that standard deduction, you can “itemize” your deductions and claim a greater reduction in income.
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