Charitable Deduction Probably Safe for 2014, Say Experts

Jan 16, 2014   //   News  //  No Comments

By Alex Daniels

Nonprofit experts are confident the charitable tax deduction will emerge unscathed from the current session of Congress, but they are less certain how lawmakers will deal with several tax breaks for charities that expired at the end of 2013.

President Obama has long pressed to limit the tax savings wealthy people can get for itemized deductions, including for charitable gifts, and he will likely reprise such an approach in his proposed budget next month. Solitary changes in tax policy, however, stand little chance of success unless they are cobbled together with other tax items. Putting together a large tax bill, budget experts say, will be difficult before the midterm elections in November.

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