Know what you're entitled to when giving to charity - NBC12 - WWBT - Richmond, VA News On Your Side

Know what you're entitled to when giving to charity

Know how the tax law has changed regarding deductions. (Source: Pixabay) Know how the tax law has changed regarding deductions. (Source: Pixabay)
(WWBT) -

If you plan to make charitable contributions this year or in the future, there are some sweeping changed to federal law you need to know about.

First, you can still get the charitable deduction, but a lot more people are not going to be itemizing their deductions come January.

Instead, the standard deduction is doubling, so those with a small list of deductions will take advantage of that.

The deduction is now $12,000 for single people and $24,000 for married couples filing jointly.

There are still some advantages to charitable giving. Giving stock instead of cash can offer financial benefits and a lower tax bill at the end of the year.

Michael Joyce, with Agili, said altruistic reasons should always lead your thinking.

"We talk to clients, we say don't give to charities just to get the deduction," Joyce said. "Do it because you want to give to specific charities."

Individuals over a certain age also could see tax advantages for qualified charitable distributions from an IRA account.

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