Friends, the short answer is, we don’t know how you’ll be impacted by the changes to tax laws at the federal level. If you used to itemize your deductions, you may still be able to do that, but our suggestion is to talk to your tax preparer or financial planner. Those who used to itemize but will no longer do that will see the most impact.
However, this is a bit of sunlight for community philanthropy thanks to our Vermont legislators. The State of Vermont passed a new tax law last year allowing 5% of up to $20,000 in eligible charitable contributions to be deductible – there’s a new spot on the Vermont State Tax forms for them and the Tax Department is very eager to get the word out and to help support the nonprofit sector with this tax credit. Take a look at the informative video they’ve created to help Vermonters understand this new tax credit. Please let them know if you have questions, they’ve been very helpful and we’d like all of the Vermonters who are eligible to take advantage of this! Help us spread the word – share this video!