The IRS has issued a reminder to taxpayers about the benefits of making year-end charitable contributions (IR-2017-191, 11/21/17). By increasing their charitable deductions, which usually requires little effort, clients can reduce their tax liability for 2017.
But there’s another twist to year-end contributions. Under sweeping tax reform proposals being discussed in Congress, millions of taxpayers may no longer be itemizing tax deductions in 2018. This creates an added incentive to bolster 2017 donations.