Now's the Time to Give More to Charity
With the GOP
That's because with the standard deduction nearly doubling next year, from $6,350 to $12,000 for singles and $12,700 to $24,000 for couples, it may no longer make sense for you to itemize your
That in mind, it may make sense for you to give more money or goods to
You can also use a donor-advised fund, which allows you to disperse your funds over a determined period of time, while deducting the full amount this year. You can set up one of these funds at a brokerage (like Fidelity or Schwab), and contribute cash, securities, or appreciated assets, which are then invested. The IRS has rules for these funds , too.
New York Times
notes, this also applies to other expenses you can itemize, like your mortgage and student loans (pay more of them, if at all possible).
Where to Donate
But it's not important to donate more just to get the tax break. There are a ton of organizations and nonprofits that are doing good work, and the need will only grow: According to the TPC, fewer itemizers and fewer people facing the estate tax will lead to charitable donations falling after the GOP tax plan is signed.