Charitable Giving (2017-2018) & The New Tax Law

We have received several inquiries regarding the new tax law and the related tax deductions for charitable contributions. The new law did not change the deductions related to charitable contributions however it did double the standard deduction. With that being done, starting in 2018, you may not receive the full benefit for your charity if your total itemized deductions do not exceed the standard deduction. So the questions have arisen regarding the possibility of pre-paying some or all of your 2018 church pledge before the end of 2017. By donating all or part of your 2018 pledge in 2017 you may receive a larger benefit, tax savings, than doing it in 2018. We realize that the tax deduction is not the reason for your commitment, but it is worth noting. 

If you are considering doing this, please note on your payment that it is for 2018 and we will record it for our 2018 budget. But we will also be sure to assign it to your 2017 giving statement so that you get credit for 2017 tax filing purposes. Please note that your payment must be dated on or before 12/31/17 and postmarked on or before that date as well.  We recognize that this does not give you much time to make a decision, so we suggest you should contact your tax advisor to see how this could apply to you and your particular tax position. 

 

We recognize that the changes in the tax code may not affect everyone and you may not be in a position to take advantage of this particular change, but we wanted to bring it to your attention in case you could.  We are grateful for your continued commitment to Christ and CUPC as together we are Welcoming people to Grow in Jesus.

Please do not hesitate to contact the church office should you have any questions or need any assistance. You may also contact Dan Miller at danm@mda-cpa.com or 412-973-6005 should you have questions in regard to this new law and your giving at Canonsburg UP Church.

Canonsburg UP Church

 

​112 West Pike Street

Canonsburg, PA 15317

724-745-0800

cupc@canonsburgup.org

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© 2020 Canonsburg UP Church

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