In a recent Wall Street Journal article, Thompson Coburn partner Larry Katzenstein discussed how the One Big Beautiful Bill Act will significantly alter tax breaks for charitable donations.
The act introduces a vastly expanded deduction, similar to pandemic-era provisions, which could make approximately 100 million more people eligible for charitable deductions. However, two other provisions will impose new limits on itemized charitable deductions. The upshot is that givers who want to maximize tax breaks should plan now.
“People need to decide whether to accelerate contributions into this year, make them on a normal schedule or defer them into next year,” said Larry.
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