Tip for our pledgers who itemize on their federal taxes:
For the 2018 tax year, the Republicans’ new tax plan increases the standard deduction to $12,000 for single filers and to $24,000 for married couples filing jointly. Since it may become law, and because of this change, many people will choose to use the standard deduction rather than to itemize on their 2018 taxes.
If you think you will probably use the standard deduction on your 2018 taxes, it might make sense for you to pay the remaining amount of your 2017-18 pledge before December 31, 2017. That way you can take advantage of the existing tax code and maximize your deductions by claiming this amount on your 2017 tax return.
Sue Glenn, Treasurer