Why You Give & the New Tax Law
June 18, 2018
Each of us have our own reasons for financially supporting the work of our favorite nonprofits. For many of us, faith inspires our generosity. As followers of Jesus, we take seriously His compassionate example of seeing and responding to those who are poor and facing significant obstacles that affect themselves and their families.
I love Jesus’ reminder to “give, and you will receive. Your gift will return to you in full — pressed down, shaken together to make room for more, running over, and poured into your lap.” (Luke 6:38, NLT). Jesus also advises us to give to those who can’t repay or reciprocate the gift (banquet!) to us (Luke 14:12-15).
But as a very generous friend of mine said recently, “You’re right, Edith. I give because of my faith. But the U.S. tax code has helped inspire me to give as well.”
Are you wondering how recent changes to the tax law for 2018 will affect your charitable giving deductions? Here are a couple resources and reminders you may find helpful:
- An Everence article highlighting 7 changes under the new tax law that could affect your financial planning
- The IRS withholding calculator, which allows you to run a quick “paycheck checkup” to make sure you are directing your employer to withhold the correct amount for federal taxes
- If you haven’t itemized in the past, you won’t experience any change
And, of course, a conversation with your financial advisor who understands your unique situation would likely benefit you as well.
Tax laws will come and go. But Bridge of Hope remains determined to end family homelessness with compassion, accountability and Jesus’ love through the local church body. We are making a real difference in the lives of many women and children. I hope you will continue to support Bridge of Hope because you believe in this mission!