>>> Subscribe on iTunes: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Check out our blog: https://truenorthretirementadvisors.com/blog/

Tags: retirement, investing, money, finance, stock market, charitable donations, charitable donations 2018, charitable donations tax deduction, tax cuts and jobs act, 2018 charitable deduction rules, charitable giving rules 2018, charitable donations 2019

Transcript:

The tax cuts and jobs act has majorly overhauled the rules for charitable contributions. Making charitable contributions gives you a tax deduction, but only if you itemize those deductions on your tax return.

With the standard deduction going up significantly in 2018, many more people will stop itemizing on their taxes, so those charitable contributions will no longer provide a tax deduction if you’re among the majority of Americans who will not itemize.

If you’re curious about what those limits, google “standard deduction for 2018”.

Many of you listening this week will have deductions that will exceed the standard deduction amount, which means you will continue to itemize, and you’ll continue to benefit from charitable contributions.

As we close out 2018, and you start thinking about charitable contributions for 2019, it will be important to find out if you will itemize or just take the standard deduction when you file your tax return.

If you will be itemizing in 2018 or 2019, it will be very important to plan ahead, give strategically, and maximize the tax benefit on the charitable contributions you make.

The rest of this week will be dedicated to helping you be strategic with your giving, so you can do the most good with the dollars you have to give.

That’s it for today. Thanks for listening. Tomorrow, we’re going to talk about why it’s so important to write down your charitable giving goals.

My name is Ashley Micciche...and this is the One Minute Retirement Tip.