The Charitable Contribution Deduction

The good news is, starting this year, taxpayers may now deduct charitable donations totaling up to 60 percent of their adjusted gross income. The bad news, however, is that because the new legislation increased the standard deduction, fewer filers will list itemized deductions. In other words, your itemized deductions will need to exceed your standard deduction on your 2018 return to claim charitable donations.

  • $12,000 for single filers
  • $24,000 for married filers

With new limits on how much you can deduct on mortgage interest and state and local taxes, it is likely that far fewer people will itemize deductions this year. While large donors may continue to benefit from the charitable deduction, smaller donors may need be content with that feeling of good will.1

Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing investment and insurance products. Advisory services offered through B.O.S.S. Retirement Advisors, a Registered Investment Advisory firm.. Insurance products and services offered through B.O.S.S. Retirement Solutions. Marketing materials provided by Infinity Marketing Services.

1 Kay Bell. Bankrate. Nov. 7, 2018. “Here’s how to get a tax deduction for charitable giving.” Accessed Jan. 18, 2019.

Ready to Take The Next Step?

For more information about any of the products and services listed here, schedule a meeting today or register to attend a seminar.

Or give us a call at 801.990.5055