Impact of the One Big Beautiful Bill on Charitable Giving
The One Big Beautiful Bill (OBBB) introduces new tax rules that may change the landscape of charitable giving. Taxpayers who do not itemize their deductions will be able to claim a larger deduction for donations, potentially boosting overall giving.
However, high-income donors may see a reduction in their tax benefits. The bill's effects on philanthropy will vary depending on an individual's goals, whether social, wealth transfer, personal, or tax-deductibility objectives.
Key Changes to Tax Laws
- The OBBB has introduced four significant changes to tax laws affecting charitable giving.
Defining success in philanthropy depends entirely on the goals an investor is trying to achieve.
To navigate these changes, investors can benefit from expert advice on investing, taxes, retirement, and personal finance.
Author's summary: The One Big Beautiful Bill alters charitable giving tax rules.
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