tax bill

beard-2365810_1920
Guest Blog: How the Tax Cut and Jobs Creation Act Will Affect Charitable Giving

Under the new tax bill, many itemized deductions were greatly reduced or completely eliminated. The deduction for charitable contributions is still intact, and the limitation increased to 60% of AGI, but with the loss of deductions and the increased standard deduction, many taxpayers will no longer itemize. That could mean a significant decrease in charitable giving.