GRAND RAPIDS, Mich. (WOOD) — The Tuesday after Thanksgiving is known as Giving Tuesday, a day devoted to charities.
If you're hoping to get back in the form of a tax break come April, you may be in for a surprise. 24 Hour News 8 spoke with a local financial expert on what to do.
Overall, charitable giving is expected to decrease by $17 billion in 2018 because of the new tax law. But in West Michigan, charitable donations are expected to continue despite the effect of the tax cuts and Job Act Tax Bill of 2017, which increased the standard income tax deduction for a lot of taxpayers.
It's estimated that only about 40 percent of taxpayers who itemized last year will have to itemize in 2018, according to Mark Periard, the director of wealth management at Legacy Trust. Standard deduction increased for those who are married from $12,700 to $24,000.
If you want to get more on your tax return, Periard suggests people "bunch gifts."