The New Nonprofit Tax Laws for Dummies, Part 1
Two choices given were these: either you can take a set, static amount like $5 out every time she comes around, or by doing specific chores, you earn the ability to take away another dollar, which stacks. If you don’t have a lot of tasks to do or just can’t be bothered to do extra work, then it’s a no-brainer to choose the former—the standard deduction. If you think you can rack up enough things to do, then the latter is the obvious choice —the itemized deduction.
Bringing it back to our contemporary situation, those who would have taken the first choice can rejoice—the new tax bill massively increased the standard deduction, nearly doubling the amount that one can deduct across the board.
Stay tuned for part 2...
Moshe Hecht, winner of the 2017 NonProfit PRO Technology Professional of the Year, is a philanthropy futurist, public speaker and chief innovation officer of Charidy, a crowdfunding platform and consulting company that has helped 3,000 organizations raise over $700 million.
Moshe's passion lies at the intersection of technology and charitable giving. When Moshe is not at the office, he is writing music and enjoying downtime with his wife and three redheaded children.