You may not be familiar with its official name – the Tax Cuts and Jobs Act of 2017 (TCJA) – but the new federal income tax law passed in December 2017 may impact your charitable giving.
Amid uncertainty about the future of philanthropy under the new law, WZZM News at Five turned to Grand Wealth Management Principal Steve Starnes to share some answers during a December 27th segment, “New Tax Laws and Changes to Charitable Donations.”
Beginning with the 2018 tax season, fewer families will be able to benefit by writing off their charitable donations. That said, several smart tax-planning tactics remain for those who are charitably inclined. And, as Steve comments, the driving factor behind your donated dollars remains the same as ever: What’s important to you? What causes would you most like to support? Listen in to learn more.