Charitable Giving will save you more on taxes in 2017...
With the House and Senate prepared to pass a 503 page revision to US tax laws it makes sense to get ahead of those changes. Standard deductions will double and tax rates for most tax payers will go down a little. Although tax payers will still be able to itemize there are several reasons millions fewer will itemize. First is the doubling of the standard deduction. Second is the limit on deductions for state and local income and real estate taxes making it difficult for an itemized return to be more favorable than taking the standard deduction for many tax payers.
THEREFORE, if you are considering a contribution to either the Phi Gamma Delta Educational Foundation or to the Lambda Iota Chapter House Renovation it will be better to do so in 2017. Only the portion of a contribution to the Renovation Project that goes through the Educational Foundation is tax deductible. As an example if giving $10,000 to that project give $3,000 through the Educational Foundation in 2017 and $7,000 directly to Lambda Iota in 2018.
As always, each situation is different so consult your tax adviser.
