The tax legislation currently pending in Congress will likely impact most taxpayers, and it also presents a unique opportunity for 2017 year-end giving.
A few tax implications to consider as we close out the year:
- The proposed tax reform increases the standard deduction so that fewer individuals will itemize deductions in 2018. If you are unlikely to itemize your deductions under the proposed new law, consider gifting in 2017.
- Many taxpayers will have a lower tax rate in 2018. To maximize the charitable deduction, consider making or accelerating your gifts in 2017.
- The last business day of 2017 is next Friday, December 29.
Please remember: it is always best to consult with your financial and legal advisors to determine the best solutions for your individual or business circumstances.