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Post 2018 Honor Roll and Charitable Deductions; from Ric Mauricio
Created by John Eipper on 01/03/18 12:10 PM

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2018 Honor Roll and Charitable Deductions; from Ric Mauricio (John Eipper, USA, 01/03/18 12:10 pm)

WAISworld's tax guru Ric Mauricio writes:

To answer John's question, charitable contributions still do remain tax-deductible under the new US tax law. However, you must be itemizing deductions in order to claim it (Schedule A).

This means, under the new tax law, that a single taxpayer would need to have over $12,000 in deductions and married taxpayers would need over $24,000 in deductions (just in case you missed it, your SALT--state and local taxes, which include your state income taxes and your property tax combined) cannot exceed $10,000--to itemize on Schedule A.

Those over 65 have an additional $1,600 standard deduction if single or $1,300 per individual (or $2,600) if married. Wait, isn't that a marriage penalty? Why shouldn't the MFJ be a $3,200 or double the single?

Be careful if you are researching the tax law; there is a lot of misinformation out there and the IRS site hasn't been updated to include any 2018 information.

JE comments:  Sound wallet in sound body, it's the Mauricio Way.  Thank you, Ric!  Can we conclude that the higher standard deduction under TrumpTax will de-incentivize charitable giving? 

But WAISers will not be discouraged:  I am overjoyed to announce the first name on Honor Roll '18:  Jordi Molins i Coronado in Barcelona.  Much obliged, Jordi!  Bon any nou, and may your noble example inspire the WAISitudes!

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  • Will New US Tax Law Lead to Fewer Donations? From Ric Mauricio (John Eipper, USA 01/04/18 10:27 AM)
    Ric Mauricio writes:

    To answer John E's question, yes, the Trump tax law may indeed de-incentivize charitable contributions. In my personal case, I really don't care. I give because I want to give, not because of the tax advantage.

    But here is a little tax trick for many of you who can no longer deduct your charitable contributions:

    Attribute your deduction to your business. But be careful. Only C Corps can make deductible charitable contributions. All others must deduct it on their Schedule A, so if you don't itemize, you cannot write it off. But, here's the trick. In exchange for the donation, you get some kind of mention or advertising in return for your donation to the organization, you can express this as a marketing cost and thus expense it.

    JE comments:  Ric Mauricio is a Tax God!  (How 'bout that for advertising, Ric?)

    One thing is clear:  the new tax code will not incentivize charitable giving.  Although if you donate over $24K a year, then yes, you can deduct everything.  Those negatively affected will be the standard deduction folks who give a few hundred here and there. 

    It's no secret that I see nothing good in anything Trump has ever done, but haven't we identified yet another way the new tax code hurts the middle class?

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