While the Tax Cuts and Jobs Act of 2017 (TCJA) included a provision intended to allow individuals to increase their deduction for charitable donations to 60% of adjusted gross income, the way this provision was written could result in no deduction at all for some gifts of appreciated securities and there were several other aspects of the TCJA that had negative ramifications on the benefit for charitable giving by individuals.
Read this article to learn:
Some planning opportunities still available to reduce your taxes by making charitable gifts strategically;
Why it may make sense to accelerate charitable contributions you’d normally make in future year(s) before year-end; and,
How extremely charitably-minded individuals could end up with lower charitable deductions rather than higher due to the wording of the new 60% limit.