Avant Garde Accounting and Business Solutions, LLC

Avant Garde Accounting and Business Solutions, LLC Innovative Accounting and Business Solutions. Contact us today to discuss how we can help!

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Accounting Services
Financial Reporting
Payroll Services
Marketing and SEO
Interim & Outsourced CFO Services
Systems Implementation
Process Improvement
Recruitment & Training
Risk Management
Business Strategy & Advisement

*QuickBooks Pro Certified*

Affordable, no nonsense outside the box solutions for your business.

04/10/2017

Hey June 30th FYE clients, where are YOU at with your 17/18 budget?

03/11/2017

Charitable Contributions – Are Nonprofits Under Threat by Proposed Tax Reform Promised by the White House?

The charitable contributions deduction was born during WWI and was designed in an effort to offset wartime tax burdens. Many lawmakers felt the provision was necessary for charities to survive the war. A century ago, only the wealthy paid income taxes. New war related income tax levies had the most affluent taxpayers paying up to 77%! Without an incentive, it was feared most givers would simply stop giving. The scope of the deduction has broadened and been left largely unchallenged over the past 100 years.

Today, private giving by individuals makes up the vast majority of donations received by nonprofits (more than $265 billion in 2015). Talk of 2017 tax reform legislation in Washington has the nation’s charities warily watching. President Trump’s plan calls for nearly doubling the current standard deduction effectively reducing the number of filers itemizing. Whether you see this change to be beneficial to you personally will depend on your individual tax situation.

According to the Tax Foundation, the charitable contributions deduction is claimed by more than 48 million Americans annually. A January 2017 Forbes article estimated increasing the standard deduction will reduce this number by up to 80%. The end result? While the charitable contributions deduction will remain part of the tax code, way fewer filers will be able to claim it, leaving nonprofits fearful donations will drop off.

History has demonstrated Americans are motivated by our tax law. Do you believe this potential change would discourage Americans from giving? What impact do you think it could have on our nation’s nonprofits?

02/27/2017

Have YOU filed your 990 yet?

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8042 Old County Road 54
New Port Richey, FL
34653

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