With changes to the U.S. tax code expected to take effect Jan. 1, 2018, you might be looking for ways to maximize your charitable giving before year-end. The Oklahoma City Community Foundation offers a number of efficient giving options to help you take advantage of current tax incentives.
The new legislation will roughly double the standard deduction for all taxpayers, increasing to $12,000 for individuals and $24,000 for couples. The higher standard deduction will likely result in fewer taxpayers itemizing deductions thus eliminating the ability to deduct contributions to charity that fall under the standard deduction threshold.
While getting a few dollars knocked off your tax bill probably isn’t the main reason you give to charity, the added financial incentive is a nice benefit. During this season of giving – and last minute tax planning – we encourage you to contact your professional advisor about how you can maximize the existing charitable tax deduction, and as a result, maximize your charitable giving.