The tax reform bill, signed into law for 2018, aims to simplify the way most Americans file taxes. But the conversation around charitable contributions is often confusing. Here are some of the basic guidelines to help you understand how the new tax law relates to you and support to MAP International:
1.) Donations to MAP and other nonprofit organizations are still tax deductible: All donations to qualified tax exempt organizations like MAP are still tax deductible. The bill changed the way some taxpayers will file their taxes. Many taxpayers will choose not to itemize their deductions and instead use the new standard deduction.
2.) MAP will continue to provide tax receipts for donations: When you send a gift to MAP, we will send you a tax receipt you can use when you file taxes (if you choose to itemize your deductions). At the end of the year we will send you a summary of your year’s contributions.
3.) The bill does not affect taxes you will file this April.
The new tax guidelines go into effect for 2018 and do not change how you will file your taxes for 2017 (due April 15, 2018). MAP has sent year end statements for your donations in 2017. If you have not received your statement, please call us at 800-225-8550 and we’ll be happy to send you a copy.
4.) Some donors will want to advance their donations to MAP in 2018.
You may still choose to itemize your deductions for 2018, depending on your income and other factors. Check with your tax preparer in the next few months to plan ahead. If you are close to the amount needed to itemize, you may want to increase your donation to meet the minimum threshold. Some advisors suggest advancing your donations for the next year into this calendar year in order to meet the required amount.
5.) Donations are more important than ever to the work of MAP.
MAP International depends on donations to provide life-changing and life-saving medicine to those in need. We know that most donors are not motivated to give primarily because of tax benefits. However, like many other charities, we know that 2018 may be a more difficult year for us because some donors will not receive an extra tax benefit. Because of that, your support is more important to us than ever.
We are so grateful for your support and we want you to know that every donation you make changes lives.
Please check with your tax preparer or financial advisor for specific advice on your taxes and financial situation. This information is only meant to provide a basic overview.