Charitable Tax Planning in an Uncertain Coronavirus and Tax WorldCharitable Tax Planning in an Uncertain Coronavirus and Tax World

We take our lead from Groucho Marx: “Before I speak, I have something important to say.”

Americans will continue to support charitable organizations no matter who wins the upcoming election. However, many donors will consider the after-tax cost of their charitable contributions. Yet, for some taxpayers, tax savings are looked on not as reducing the cost of generosity but as a way of increasing their charitable gifts.

Possible Tax Law Changes

What are some tax law changes that could/would affect how, or whether, taxpayers make charitable gifts? We look to Nostradamus. The French astrologer, physician and seer made his predictions back in 1555. He predicted—depending on the outcome of the November 2020 U.S. elections—drastic changes could be ...