Many of us in the LGBTQ Community are charitably inclined. There are a number of wonderful organizations that have supported our fight for equality for years.
The Tax Cuts and Jobs Act of 2018 changed the way that charitable contributions are treated for tax purposes. Prior to this tax law change, it was more common to itemize your deductions, including charitable contributions, on your tax return.
Now, most deductions have been eliminated while the standard deduction has been increased significantly. This has made more practical for most individuals and couples to take the standard deduction.
Charitable contributions are still able to be itemized on your tax return as long as your total deductions exceed the standard deduction.
Unfortunately many charities have been negatively impacted by these new tax law changes. Although our intent with charitable donations may not have been to also receive a tax benefit, donations have declined.
In this podcast episode, I outline a handful of charitable strategies that may make it more feasible for you to still receive a tax benefit from your charitable donations.
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