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LEGAL TIP OF THE WEEK

NOT ALL TAX CHANGES ARE POSITIVE
While the tax change have been promoted as a positive, at least for the American middle class worker, not everyone will benefit from tax cuts. An unlikely result could be that charitable organizations see a lower donation rate due to the new laws. This seems at odds with the idea that lower taxes means more money in your pocket, but the truth is part of the new laws make charitable donations less attractive to the taxpayer. In the past, donations were helpful when it came time to pay Uncle Sam and often times reduced the amount of taxable income on a return. That benefit is now not as great, so it is likely people will donate less because they are not receiving the same tax benefit as in years past. If you have questions about taxes, contact a tax professional.

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