The tax changes in the Tax Cuts and Jobs Act (TCJA) are extensive and far-reaching. The standard deduction will be raised starting in 2018, which means that going forward taxpayers will need to provide more itemized deductions in order to receive the tax benefit of excess deductions. If you are charitably inclined, you should to consider these six charitable planning moves before the end of the year given the impending changes to the tax code.
If you itemize your taxes:
If you are over age 70 ½:
Arie J. Korving, a CERTIFIED FINANCIAL PLANNER™ professional, has been delivering customized wealth management solutions to his clients for more than three decades. Prior to co-founding Korving & Company, he was First Vice President with UBS Wealth Management and held management positions with General Electric.