With the passage of the Tax Cuts and Jobs Act last December, there is speculation about the impact the law will have on charitable giving. Because the standard deduction was nearly doubled—$12,000 for individuals and $24,000 for married couples—the Tax Policy Center projects that only 11 percent of households will continue to itemize their tax deductions, down from 26 percent of households under the prior law. With such a dramatic decline in the number of itemizing households, it is possi…Read More.
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