We also just set up a donor advised charitable account so I think that will help not impact our giving. We always give somewhat modest amounts to those who approach us for their run, their pet charity, etc but we also have our charities that we give more to. As I think back historically, I’m not sure our decisions were impacted by the tax benefit but it didn’t hurt. Hopefully charities will not see giving decline.
I will continue to support as I can.
I suspect many of the smaller charities with low overhead will be able to weather things awhile, even if donations are more modest since baby if you heir contributors may not itemize anyway.
Bigger charities will likely do fine since if their donors donate a lot, they may still choose to itemize.
Time will show how things work out. The nonprofit I founded has never relied heavily on donations as most of those we serve are very needy.
When I was working I gave money, and certainly looked for the deduction. I liked giving to the Fidelity Charitable Gift Fund, which let me manage the tax deduction separately from giving to various charities.
Then, when I stopped working and markets were collapsing I gave my TIME to various volunteer activities, and gave very little money. Now we are fortunately in a position to give money (still giving time too) and we have donated more to charity this year than we did when I was working. We still can’t itemize! 2 years ago I tried paying my property taxes twice in one year and kept a detailed log of volunteer miles driven and I still couldn’t beat the standard deduction, so the tax deduction hasn’t really mattered recently and it won’t matter going forward.
I knew I liked you, NJres. Thanks for all you have done.