With the new changes to tax laws, you may no longer benefit from itemizing your deductions due to state and local tax deduction limits ($10,000/ year) and the doubling of the standard deduction (now $12,000 for individuals and $24,000 for married couples). However, if you normally give to one or more non-profits each year and want to continue to support them, you may be able to receive a tax benefit under the new law by "bunching" your charitable contributions for two years in a single year, when you will itemize deductions. In the following year, you will make no (or small) charitable contributions and claim the standard deduction. By doing this, you will have more deductions over the two-year period than you would if you made the same charitable contribution amount in each of the two years. The chart below illustrates how this works. It shows, with the assumed amounts of state and local taxes, mortgage interest and charitable contributions, that total deductions are increased by $5,000, from $48,000 to $53,000, over the two-year period by bunching the charitable contributions for the two years in a single year.
Cole Family Music Fund Invites Proposals Non-profit performing arts groups in Central Wisconsin are invited to submit proposals for grants from the Cole Family Music Fund through the Marshfield Area Community Foundation, Inc.