Giving Tuesday 2018

By Jimmy Barnett, CPAOn Tuesday, November 27, 2018, communities around the world will come together to celebrate generosity and to give. Nested behind Black Friday and Cyber Monday, the seventh annual global day of giving will kick off the holiday giving season.The OutlookA bi-product of the of the Tax Cuts and Jobs Act passed in late 2017, a smaller portion of Americans will qualify to deduct charitable donations on their 2018 tax returns. It is expected that charitable organizations will suffer due to decreased giving. This hasn't slowed down the #GivingTuesday campaign. Even with the expected decrease in charitable contributions, organizations participating in the campaign are expecting over $300 million to be donated on thisday. In 2017, the total amount of gifts given for #GivingTuesday totaled $274 million, which surpassed the 2016 campaign by over $100 million.Do Your ResearchTo ensure that the donation is made to an eligible charitable organization, the Internal Revenue Service (IRS) provides the IRS Exempt Organizations Select Check on IRS.gov. The searchable online tool allows users to view eligible charitable organizations. Taxpayers who give money or goods to a charity by December 31, 2018 may be able to claim a deduction on their 2018 federal income tax return and reduce their taxes.For additional information, please contact Jimmy Barnett, or any of your trusted advisors at HHM.