News & Updates

New Tax Law to Impact Charitable Giving

It passed! While many speculate the effect new tax regulations may have on charitable donations, we are confident in God’s provision and know our supporters will continue to love GraceWorks Ministries with their gifts. You may hear respected resources encouraging you to increase charitable contributions before the end of 2017. Here are a few tips:

• If your tax rate is decreasing next year, your deductions could be more valuable if claimed against 2017 income.
• If your tax rate is increasing next year, you may want to make larger charitable contributions before the end of 2017. With increased standard deductions, you may choose not to itemize next year. If you do not itemize, you will not reap the tax benefits of charitable contributions.

There could be big benefits by acting before the end of the year to take advantage of itemizing deductions in 2017. We do recommend you contact your accountant, financial planner, or other tax experts to get personalized advice.If you wish to claim a charitable donation to GraceWorks Ministries on your 2017 taxes, please mail a check by Dec. 30 to 104 Southeast Parkway, Franklin, TN 37064. You may also donate online until midnight on Dec. 31 by visiting graceworksministries.net/donate.

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