As you recuperate from the long Thanksgiving weekend, thoughts naturally turn to the holidays and end-of-year celebrations. Start the season off right by reaching out a helping hand this #GivingTuesday. What began in 2012 as a simple idea to do good has captivated hearts and flourished on a global level. On December 3, join the giving movement. Find a cause close to your heart and give. Donations both large and small are always needed and appreciated. There are plenty of ideas at Giving Tuesday or the Georgia Center for Nonprofits. Also useful at this time of year are these articles about Charitable Giving and Donor-Advised Funds.
Giving to a charity is not only generous and needed but can bring significant tax deductions. Charitable giving is known as one of the most flexible tax planning tools because your choice of recipients is vast, and you can give at any time of the year (although deductions are based on IRS deadlines). As the holiday season approaches, now is the time to consider your charitable giving options. The Tax Cuts and Jobs Act (TCJA) has essentially doubled the standard deduction and limited or eliminated many itemized deductions (other than the charitable deduction) through 2025. Under current law, itemized deductions are limited to state and local taxes, mortgage interest, charity and certain casualty and gaming losses. For taxpayers with limited mortgage interest and who may be subject to the $10,000 SALT cap, it can take more than $14,000 of charitable contributions before the first dollar is deductible. As a result, some taxpayers...