Clocking in at 503 pages, the new tax law became effective on January 1, 2018. The provisions relating to individuals are set to expire at the end of 2025. That means that unless Congress acts before then to extend the provisions or make them permanent, in 2026 the current (2017) law would be back in effect. Provisions related to business taxes do not have an expiration date.
What is in the Law that Affects Charitable Giving?
How will the Tax Reform Act affect you and your charitable giving?
While there will be an increase in the number of individuals claiming the standard deduction, if you live in a state with high income and property taxes and you have a mortgage, you could find that you still itemize and thus can make use of your charitable deductions.
Even if you don’t itemize, here are some strategies to make gifts to charity and still receive tax benefits:
You should always contact your accountant or financial planner to understand how the new tax law will affect your individual tax situation. Do not hesitate to contact Emily Mitra Moqtaderi at 718-951-5074.