If the pending tax bills are reconciled by Congress and enacted into law, there is likely to be a substantial reduction in the number of individuals that will itemize their deductions. For many taxpayers, this may mean they will no longer be deducting charitable contributions after 2017. Taxpayers may want to consider making or increasing charitable contributions in 2017 if it looks like they will not be deducting charitable contributions in the future. This is not a one-size-fits-all recommendation and must be tailored to individual circumstances, and of course will be impacted by if there is passage of a tax bill and what the final text contains – but it is nonetheless something worthy of consideration.
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