Browsing Tag:Tax Cuts and Jobs Act

How the 2017 Tax Cuts and Jobs Act Will Affect your Charitable Donations This Year

charitable donations

The Tax Cuts and Jobs Act passed by congress in late 2017 came with a lot of changes. Among the most notable is the raising of the standard deduction to $24,000 for couples, $12,000 for singles, and $18,000 for household heads. This is almost double what the standard deductions were before the new law. According to Evan Beach, CFP® of Campbell Wealth Management in Alexandria, VA, this raise in the standard deduction makes it so that only about 10% of…