New tax legislation takes effect Jan 1, 2018
JACKSON, Calif.—Dec. 27, 2017—With the recently GOP tax legislation overhaul, big changes are coming for taxpayers in 2018, which take effect January 1. So, for 2017 year-end tax planning, there is a strong incentive to make charitable contributions on or before December 31, 2017.
About 49 million taxpayers, or 28%, itemize their expenses for deductions, according to the Urban-Brookings Tax Policy Center. The new tax legislation almost doubles the standard deduction, which de-incentives itemization. And, since charitable contributions must be itemized to be claimed, it is predicted that many people will opt out of making their yearly normal contributions to charity.
Additionally, the disappearance of several key itemized deductions will also have an effect, along with restrictions on deductions for state and local taxes.
The combination of these two changes may have a dramatic effect on local charities. As of today, there are two calendar days left to make a charitable deduction under the existing tax laws.
With all that in mind, please consider donating to Hospice of Amador and Calaveras before the end of this calendar year. To make a direct donation, please call us today at 209-223-5500, or go to hospiceofamador.org/help and click the “Donate” button.
For more information on how this new tax legislation affects you, contact your tax professional or accountant today.
Grants & Communications Associate
Hospice of Amador & Calaveras
209-304-4011 (direct line)