How did the TCJA affect incentives for charitable giving? Q.How did the TCJA affect incentives for charitable giving? A.The 2017 Tax Cuts and Jobs Act will discourage charitable giving by reducing the number of taxpayers claiming a deduction for charitable giving and by reducing the tax saving for each dollar donated. Read more about How did the TCJA affect incentives for charitable giving?
What is the tax treatment of charitable contributions? Q.What is the tax treatment of charitable contributions? A.Corporations and individual taxpayers who itemize can deduct charitable contributions to 501(c)(3) organizations. Read more about What is the tax treatment of charitable contributions?
Who benefits from the deduction for charitable contributions? Q.Who benefits from the deduction for charitable contributions? A.The charitable deduction subsidizes charitable giving by lowering the net cost to the donor. If the tax deduction spurs additional giving, charitable organizations can provide more services. Read more about Who benefits from the deduction for charitable contributions?
