The Academy for Nonprofit Excellence gives you an opportunity with Nonprofit N.O.W. (Networking on Wednesday) to network with like-minded professionals while checking out new resources and latest trends in the nonprofit realm. Enjoy breakfast and a brief informational presentation from Kim Painter, CPA at Barnes, Brock, Cornwell & Heilman, PLC on Changes in Charitable Giving!
With new administration in the US, there are some New Tax Rules---Should Folks Change Their Charitable Giving Plans? How do the changes to the tax code affect the benefits of charitable giving? It is complicated. The law preserves the deduction for charitable contributions, so nothing changes there. However, it also scraps or shrinks many other itemized deductions and increases the standard deduction. As a result, many taxpayers may now find it more beneficial to just take the standard deduction than to itemize, even if they give to charity. In other words, it is not that the new rules scale back the tax benefits of donating to charity. It is that many taxpayers may find it makes more sense not to claim them now that the standard deduction has been increased. Either way, giving to charity is valuable for reasons that go beyond the tax benefits, so we would encourage people to think carefully before making any major changes to their charitable plans.
Come learn about the changes, who is affected, and tips on what to do next at our next Nonprofit N.O.W session!