Here’s how President Trump’s tax law may affect charitable giving:
Giving Tuesday has become a major day for charity donations. But this year, a new tax law under President Donald Trump could change the way people give. The law makes some areas of the tax code more or less generous depending on your individual situation.
If you donate now, you might be able to claim bigger deductions than before. However, if you wait until 2026 when the law changes again, you might get a better deal then. This means that how much you give and when may not be as important as it used to be.
The good news is that donating to charity can still have big benefits for both you and those in need. So, should you donate now or wait? It’s worth considering your own tax situation and weighing the pros and cons before making a decision.
Source: https://www.marketwatch.com/story/heres-a-new-way-to-shave-hundreds-of-dollars-off-your-tax-bill-but-it-might-make-you-feel-like-scrooge-on-giving-tuesday-c186f469