What donors need to know about tax reform
Having available funds to give to charity at the end of the year may be easier to find, given the federal tax reform. But that won’t necessarily make it easier for individuals to deduct those donations. Read more at Crain’s Detroit Business.
One of the most-touted aspects of the federal tax reform that took effect this year is the increased standard deduction.
The higher deductions will put more money in many people's pockets.
But unless legislators in Washington, D.C., pass a universal charitable deduction — something that's been proposed — the higher deduction will make many charitable gifts non-deductible.
Many taxpayers won't have deductions totaling more than $12,000 for an individual or $24,000 for a married couple, taking away their ability to deduct their donations.
