WASHINGTON (AP) — In this season of giving, charity seems to be getting an extra jolt because next year the popular tax deduction for donations will lose a lot of its punch.
Traditionally generous Americans may be feeling even more so this year, or maybe they’re concerned about the state of a deeply divided country and volatile world.
But a big reason is a lot more concrete: The newly minted tax law. The changes that will make it less advantageous for people to donate to charity in 2018 may be sparking a year-end stream of fattened contributions in anticipation.
The law doesn’t eliminate or even reduce the deduction for donations to charitable, religious and other nonprofit organizations. But those who switch to the standard deduction may be less inclined to donate.