One of the unique things about giving to Idaho Youth Ranch is the tax credit the state of Idaho makes available to resident taxpayers who donate to our organization.
Did you know that, in 2018, charitable giving decreased by roughly 6% in the first quarter compared to the same quarter the year before? Year-over-year data showed that new donors decreased by 12% as well. Why is this? Tax reform. A lot of people found themselves in a lower tax bracket, meaning their take-home pay increased, and their standard deduction was much more of a temptation than making itemized deductions.
When tax season comes around, do you ever find yourself asking yourself, "Why did I not give more to charity so I could claim the tax deductions?" Maybe not, but it could be a fair question. You can receive a sizable deduction if you've given a sizable amount to charity.