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New year, new law on charitable donations

Posted at 5:59 PM, Dec 31, 2018
and last updated 2018-12-31 17:59:33-05

WEST PALM BEACH, Fla. — It didn't take long to find customers donating items to Gulfstream Goodwill in West Palm Beach.

But the organization wonders if the new tax law on charitable giving will affect whether or not people choose to donate.

"Now for a donor to donate to Goodwill and they are at a level above $500 that they want to go home and file on their receipt, they now have to sign a donor acknowledgment form on the 8283 tax form," said Brian Edwards, V.P. of Marketing at Gulfstream Goodwill.

Some may not see as much of a tax break as in years past.

"The thing is depending on whether you itemize or do a standard deduction, you'll have to see how that $500 might affect your giving over that annual period," said Edwards.

Financial Planner Denny Artache said the tax deductions will depend on the person's financial status.

"The standard deductible has doubled so for couples it's now $24,000 versus $12,000, and for an individual is $12,000 versus $6,000."

As organizations keep an eye on donations this coming year, there are some things to keep in mind.

"I think we at Gulfstream Goodwill and all charitable organizations are concerned about the new tax laws," said Edwards.

"That's why it's really important to get with your tax professional your financial planner and see if does make sense based on your investment," said Artache.