What does the new tax law mean for your charitable giving?
At the end of 2017, one of the largest tax reform bills in three decades was signed into law. Among the revisions to the code, there are implications for your charitable giving.
As your partner in philanthropy, we are committed to sharing information and resources to help you maximize your philanthropy and minimize your tax bill.
Some key changes to the new tax law include:
• New Charitable Deduction Limit is now 60% of Adjusted Gross Income (AGI)
• New Standard Deduction of $12,000 for individuals and $24,000 for joint filers.
• New Estate Tax Exemption levels of $11 million for individuals and $22 million for couples.
We encourage you to share these materials with your community. The Whatcom Community Foundation is your local philanthropy resource. Our mission is to amplify the force of philanthropy – by connecting people, ideas and resources – so that communities flourish.
Disclaimer: The Community Foundation does not provide legal or tax advice. Please contact a licensed professional to get the counsel you need.