Now is the time to make your charitable donations is order to maximize the tax benefits you may receive. If you’ve been following the development of the new tax bill you probably have heard the bill will have an impact on itemized deductions. According to the article ” Six Ways to Make the New Tax Bill Work for You“, by Ben Steverman of Bloomberg the number 1 way is to make charitable donations before the end of the year.
Most deductions, including the charitable one, can only be claimed if you itemize your tax return. The bill would sharply limit the number of taxpayers who would benefit from itemizing: First it raises the standard deduction from $6,350 to $12,000 for single people, and $12,700 to $24,000 for married couples. Second, it limits other deductions—most famously for state and local taxes—so it’s harder for taxpayers to reach the threshold where itemizing makes sense.
So, you might want to think about making several years of charitable donations this month if you can afford it, said Philip “Rusty” Ross, a financial adviser at Exencial Wealth Advisors based in Oklahoma City.
Please consider making a donation to Mental Health America of Fredericksburg. You can make donation online at http://mhafred.org/donate . If you prefer to make a donation by check please make a check out to MHAF and send it to Mental Health America of Fredericksburg, 2217 Princess Anne Street, Suite 104-1
Fredericksburg, VA 22401.