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Churches and nonprofits worry charitable donations will plummet under new tax law

Charities’ Fear Under Tax Bill: Less Money to Help the Needy (New York Times) Churches and nonprofits worry charitable donations will plummet under new tax law (The News&Observer) How the new 2017 US Tax Law May impact fundraising revenues (gail Perry) How nonprofits should react to the new tax law (Joan Garry)

The IRS allows taxpayers to claim a deduction for donations of money and goods to qualifying charitable organizations, including churches. Generally, you can claim the deduction whether you give regularly in the form of tithes and offerings or you make a one-time donation. The IRS has specific guidelines regarding.

Find out how the change in the standard deduction might affect you and learn strategies for charitable giving.

What Tax Reform Means for Charity: more Money, Money, Money. The recently passed "Tax Cuts & Jobs Act" bill (which I have read in its entirety) is the greatest thing to happen to nonprofits in three decades. Especially for organizations who rely on MONEY to underwrite their programs.

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Changes in federal income tax laws that take effect Jan. 1 have some churches and other nonprofits. worry charitable donations will plummet under new tax law. tax law on charitable donations.

 · Accelerating charitable deductions now could be critical to maximize fundraising if near-term tax reforms include a dollar cap on total itemized deductions like charitable donations. favorable provisions that now allow fair market value deductions for gifts of appreciated property to charity could come under scrutiny as well, further complicating fundraising potential.

About 30 percent of households currently write off charitable contributions. Under the tax reform bills, that would drop to about 8 or 9 percent of households – mostly high earners – by 2019.

 · The Republican tax plan could cost charities billions by nearly doubling the standard deduction, eliminating itemized deductions and an incentive to donate for 95 percent of taxpayers.

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 · Minnesota nonprofits, foundations decry federal tax law, fear more pain with new federal budget. Raising the amount where the estate tax kicks in, from $5 million to more than $11 million, also could significantly cut into charitable gifts. Another blow could come during the federal budget process, with Republicans already signaling they want to cut funding for community programs often.