I was visiting a friend the other day and he told me about his tax surprise. Normally, a tax surprise is never good but he was pleasantly surprised. He said after calculating all of his charitable deductions, the new Standard Deduction was higher and the paperwork was much simpler. He expects to receive an increased refund.
I asked if the new standard deduction would discourage him from giving to charities. “On the contrary,” he said, “I intend to give more!”
Many people are experiencing similar pleasant surprises when doing their
taxes this year. The new Standard Deduction- $12,000 for individuals
($13,600 for 65+), $24,000 for couples ($26,300 for 65+)- has provided a wonderful opportunity to give to the causes and charities that you support throughout the year.
Instead of spending it on something that you won’t remember in a couple of weeks, consider donating it to Pardee Hospital with the satisfaction that you are giving the gift of health to a patient. If you decide to donate all or part of your refund to Pardee, you could designate your gift to: The Pardee Hospital Foundation’s Annual Fund which supports the greatest needs of the hospital; or The Foundation’s Cardiac Fund, which helps to acquire much-needed equipment as the Cardiology program grows.
Donations to either fund will help someone regain their health. And the donations are deductible from your next years’ taxes. Remember, this year’s refund is taxable income for next year!