How to Give to the ACLJ Without Giving Up Your Tax Deduction
We wanted you to be aware of a creative way that you can still support the work of the ACLJ without losing your tax deductions. The following from Forbes explains it:
Give To Charity Without Giving Up Your Tax Deduction
Did you finish your 2018 tax return and feel like you missed out on the tax break for charitable contributions? If so, you’re not alone. Thanks to tax law changes, many taxpayers who used to itemize their deductions took the new, higher standard deduction this year—eliminating the benefit of their 2018 charitable giving.
Fortunately, with a little planning and a special vehicle called a donor-advised fund, you can maintain your charitable giving and still enjoy a tax break. Before I explain the strategy, let’s break down why your charitable donations may not have been rewarded by the IRS this year.
The 2017 Tax Cuts and Jobs Act doubled the standard deduction from roughly $12,000 to $24,000 for a married couple filing jointly. The new law also capped state and local tax deductions at $10,000. Taken together, these changes mean many taxpayers who previously itemized their deductions (including charitable donations) are now simply taking the standard deduction.
There’s an alternative approach, though: For individuals who typically make at least $5,000 worth of charitable gifts each year, donor-advised funds offer a way to continue receiving a tax break for supporting your favorite causes. . . .