The new tax law, the Tax Cuts and Jobs Act of 2017, has made some changes to deductions on Schedule A, reducing your ability to deduct donations to charities on your income tax return. Your business may be able to deduct charitable giving, depending on your business type.
The New Tax Law
First, the new tax law may have a big impact on charitable giving, albeit unintentionally.
The 2017 tax reform law dramatically raises the standard deduction for 2018 and beyond. The new standard deduction is $12,000 for singles, up from $6,350 for 2017, and $24,000 for married couples who file jointly, up from $12,700.
Read the full article here: https://www.thebalancesmb.com/can-my-business-deduct-charitable-contributions-397602
