Tax Reform and what it means to your contribution
The Tax Reform takes places this year’s filing, and here is what it means for your filing regarding contributing to The Boys & Girls Club of Greater Kalamazoo.
Tax Brackets have shifted:
Whether you are filing as a single or married couple (jointly) you are probably in a new tax bracket.
The new law offers rates lower for most tax brackets. A single filer whose income is $80,000 tax rate is 22% as opposed to 25%. Below are last year’s and this year’s tax brackets:
As compared to the New Tax Bracket:
As you can see, the tax rates have mostly shifted down with the new Tax Reform law.
You may now have an opportunity to give more to the charitable organization you care about, such as The Boys & Girls Clubs of Greater Kalamazoo.
Higher Standard Deductions
The standard deduction has been raised to $12,000 for single filers, $18,000 for heads of household, and $24,000 for joint filers.
Charitable Contributions For Cash Gifts
The new law also increases the limitation of 50 percent of your adjusted gross income for donations that are made by cash, check, or credit card to 60 percent.
So if you’re looking for somewhere to give a gift, The Boys & Girls Clubs of Greater Kalamazoo is a choice that benefits the youth in our community, as well as your tax deductions.