New Tax Law Makes Tax Credits a Great Way to Give
At the close of 2017, and to take effect in 2018, congress passed and President Trump signed into law a sweeping piece of tax legislation that is sure to affect all of us in some way or another. Whether one agrees with the legislation or not, there are in fact, many points at which it is going to interact with and alter our economy. One area that is of concern to MBCH and other charitable agencies is what the legislation did to the standard deduction.
The Tax Cuts and Jobs Act of 2017, takes the standard deduction to $24,000 for a married couple filing jointly and 12,000 for an individual. The fear is that this will eliminate the need for charitable giving to offset tax liability. Let’s say that a married couple is making $70,000 a year adjusted gross income (AGI). This same couple would have to give 34.28% of their AGI to charity (assuming they can only claim charitable deductions) to just match the new standard deduction of $24,000.
This is impractical, and ultimately, it could have a negative effect on churches and charities that are attempting to advance the Kingdom of God across our state, and nation! If you read this article, and have not thought of this yet, think of it now, and remember that your local church needs you to remain faithful as you set your tithes and offerings goals for 2018. Giving is not first and foremost about the tax benefits we receive, but about us as followers of Christ saying “I love you” and “thank you” to the Lord!
All of that being said, please also remember to stay faithful to MBCH! To help with this tax credits are a wonderful way for you to realize real tax benefits on your charitable giving in spite of the new tax legislation. To use a Missouri state tax credit you do not need to itemize on your state or federal income tax return. If you give $1,000 to MBCH-CFM or The LIGHTHouse this year, as a tax credit gift, you will receive $500 of Missouri state tax credit that will lower your Missouri state tax bill. This tax credit is good for up to five years including the year of donation, and longer in the case of some tax credits we have available to our donors.
If you are interested in making a tax credit gif to MBCH in 2018 please contact your local regional representative for more information.
Thank you so much for your faithful generosity that makes an eternal difference in the lives of “the least of these!”