GREENSBORO, N.C. — The 2018 tax laws double the standard deductions leaving many to wonder if it will affect end of year donations to non-profits.
“Our donations are right on target for this time of year,” said Sarah Lance with Triad Goodwill. “That old t-shirt that doesn’t fit anymore can do us a lot of good.”
The new tax laws double your standard deductions to 12,000 for individuals and 24,000 for a married couple filing jointly.
“A lot of people say no thank you to the tax receipt they are doing it because it’s a good cause, kindness out of the heart,” said Lance. “They are keeping things out of the landfills in fact last year they helped keep 9 million pounds out of the landfill.
Tax preparers say everyone should still keep donation receipts.
“You still will see a large percent of people that are going to exceed the $24,000 threshold,” said Daymond Milam with Solutions Tax and Consulting.
He says once you add up mortgage interest, state taxes and your donations some families will still exceed that threshold.
Drop-off locations for Triad Goodwill will remain on regular schedule.