A recent Blackbaud Institute charitable giving report confirmed nationally what we have seen in the Baltimore/Washington, DC area market: charitable giving increased slightly, by 1.5%, from 2017 to 2018. This increase occurred not just among the super wealthy, but also among a larger population of high net worth charitably inclined individuals and families. This uptick in charitable giving is, of course, excellent news for nonprofits. A nonprofit can benefit even more, however, when its staff is able to educate potential donors about several tax benefits of charitable giving – beyond a simple cash donation. To understand the big picture, let’s first step back and take a look at the reason behind the increase in giving.
If you have children or grandchildren, you’re likely concerned about the cost of their college education. For Marylanders, there is a little bit of relief in sight, thanks to the state teaming up with the Maryland College Investment Plan. You might be eligible to receive matching funds from the state of Maryland if you meet certain criteria, but you must submit an application by May 31.
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If you have incurred at least $20,000 in undergraduate and/or graduate student loan debt, you may be eligible for a Maryland tax credit.
By now, most taxpayers are aware of some of the basics of the Tax Cuts and Jobs Act, including the decrease in individual and corporate tax rates and increase in standard deductions. But there are some aspects of the new law that haven’t gotten nearly as much attention. That’s why we’re going to reveal ten things you might not know about the tax law, but should.
December is the time of year when many taxpayers take last-minute steps to lower their income tax liability. This year, however, year-end tax planning is proving to be difficult. As taxpayers think about dotting their I’s and crossing their T’s as 2017 comes to a rapid close, there is one big item up in the air: a major tax reform bill. The Senate just approved the most comprehensive tax reform proposal in 30 years, and we’re now waiting for the House and Senate versions of the bill to be reconciled before going to President Trump’s desk to be signed into law. While the changes brought about by the tax reform bill are not expected to apply to the 2017 tax year, there are provisions in the bill that make certain year-end tax planning strategies for 2017 especially important. Let’s take a look at several steps you can take now to take advantage of current tax laws, and position yourself for the changes that are coming down the pipeline.
The Trump administration, through Treasury Secretary Steve Mnuchin and U.S. National Economic Director Gary Cohen, recently provided a brief outline of the much-anticipated tax reform and relief proposals it intends to pursue later this year. Although Secretary Mnuchin described the plan as “the biggest tax cut and the largest tax reform in the history of our country,” and said it would have a significant impact on how businesses and individuals pay their taxes, the plan is, well, short on actual details. Let’s look at what’s been proposed for individuals and businesses. Many of these proposals call for dramatic tax cuts for individuals and businesses, and are reminiscent of concepts promoted by Trump’s presidential campaign.