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Giving To Charity Taxes

Credit: KOAM
Published 1 week ago -

Giving To Charity Taxes

Koams kaitlyn shive shows us what this tax reform is all about and if any local organizations have experienced a decline as well

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Giving To Charity Taxes

Of cool mid to upper 30's to near 40 will nationwide have experienced a dip in donations because of the "tax cuts and jobs act" that was put into effect last year.

Koams kaitlyn shive shows us what this tax reform is all about and if any local organizations have experienced a decline as well.

Last year americans gave an estimated 427 billion dollars to charity but when adjusted for inflation there was a 1.7 percent reported decline in charitable donations.

"last year when they had the tax reform they doubled the standard deduction for a single person to 12 thousand, for a married couple to 24 thousand which made it harder to get enough volume in a dollar amount to be able to itemized which absically is what caused that issue that people couldnt use their charitbale donations as an itemizatin anymore."

The tax reform has impacted non profits.

"the way it has hurt people as far as the non profits and things like that that receive the money i guess is because people were doing that to get the benefit on their taxes and i guess some people chose not to do that" joplins salvation army has seen a decline in their donations because of it and it is hurting them.

Though this decline is nationwide, not all organizations have experienced it.

"here in rural southeast kansas what we found is our donors give because they want to support our students and our students needs and they werent really doing it they werent motivated by a tax break, they were doing it to really do good."" the parsons area community foundation holds an annual event on giving tuesday to help raise money for local organizations.

Non profits, like the labette community college foundation say its the giving community around them that has stayed consistent with donations.

"they say the same things you know people who want to give to the childrens museum beause they like that cause or the labette assistance center because they want to help people in need theyre heart is telling them to do it not their pocketbook" events like this are just simple ways to support local non profits and help any who experienced a decline..

"no gift is too small, each and every dollar will truly make a difference to each and every one of us" in parsons kaitlyn shive koam news jordan: last year the parsons giving tuesday event helped local agencies collect over 151 thousand dollars.

Jordan:

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