2017 End-of-year giving & the tax reform proposal

A message from Phillip Reese, chair of the Stewardship Ministry Team

Just a quick note to remind you that if you give to charities like Westminster before the year ends (yes, we will still be accepting contributions on Dec. 31), you may save on your taxes – especially with the new tax bill. 

The tax reform proposal that just passed the U.S. Congress retains the charitable contribution deduction in 2018 but it also doubles the standard deduction to $12,000 per year for individuals and $24,000 a year for married couples filing a joint return. It caps the amount you can itemize for state and property taxes to $10,000 a year.

Translation: There is a much greater chance you won’t itemize your charitable deductions after this year and will instead take the standard deduction.

As a result, giving to charity now could let you itemize and deduct donations from your taxes before the new law kicks in. 

All of this will of course depend on your financial situation. But if you expect to claim the standard deduction or be in a lower tax bracket in 2018, then you may want to consider making charitable donations before the end of 2017.

Thank you to all who have given to Westminster in 2017, no matter the amount. It is your contributions that make it possible for us to continue to do God’s work.

Don’t have time to drop something in the mail or can’t make it to church this Sunday? Donate to Westminster online!