As of this writing, tax reform seems more likely, but is still unknown what the final outcome will be. However, in the event the tax reform we are hearing about in the media becomes a reality, for many donor’s charitable contributions made in 2017 may be deductible but not deductible in 2018 due to the increased exemption rates being proposed, leading to fewer people itemizing their taxes. The only way one may be able to deduct charitable donations in 2018 is through such itemizing of one’s taxes, and for many this could lead to an increase in taxes rather than a reduction, thus encouraging people to not itemize or donate in 2018.
Accelerated charitable giving may benefit you this 2017 tax year more than it might next year.
You can make a donation by going to www.slsbvi.org on the Donate Now button or by calling Christy McCutcheon at 314-301-7305 or the general office number at 314-968-9000.
For those who have already made a year-end donation, THANK YOU! Your support impacts the lives of the more than 1,200 children and adults we serve.