The new tax code doubles the standard deduction thereby reducing the number of tax filers who itemize from 40 million to 9 million under the new law. Because only itemizers will be able to benefit from a charitable gift deduction, this means less than one-fourth as many American taxpayers will have an incentive to make a charitable.
Continue Reading Below The American Enterprise Institute predicted that charitable donations would plummet by $17 billion, or about 4 percent. The Urban-Brookings Tax Policy. according the new data.
The new tax law increases the standard deduction, effectively shielding the first $24,000 of household income (for couples) from taxes. This will likely dramatically reduce the number of American families who itemize deductions for breaks on things such as medical bills, mortgage interest and charitable deductions.
The New Tax Law and Its Impact on Nonprofits – Part 1 Published on: January 7, 2018 by Gene Takagi Category: CURRENT AFFAIRS & OPINION , IRS & federal tax issues The new tax law, the Tax Cuts and Jobs Act , despised by a great majority of the public and leading nonprofits, is now law.
Tax Laws on Church Donations. Generally, you can claim the deduction whether you give regularly in the form of tithes and offerings or you make a one-time donation. The IRS has specific guidelines regarding what qualifies as a charitable donation, how much you can deduct and how to report donations on your taxes.
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Despite predictions that the higher standard deduction for individuals and lower rates will result in decreased charitable contributions, churches and other nonprofits can still hope that the economic impact of the tax reductions, together with economic growth, will spur an increase in giving.
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Currently, about 30 percent of individual federal tax returns are itemized; under the new law, if passed, that number may be as few as five percent. Official estimates say this change will result in a $13 billion annual reduction in gifts to charity, with some private estimates going as high as $20 billion.
Beyond the changes in the standard deduction, the tax could have additional, indirect effects on nonprofits. To pay for the tax cuts included in the plan, Congress will have to cut spending. Some cuts are expected in programs that provide direct aid to the poor, forcing some recipients to look elsewhere for help.