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Tax changes worry non-profits
(Photo: Shutterstock by Woodygraphs)
The new tax bill doubles the standard deduction for taxpayers and that's something that's causing a lot of concern for nonprofits. Major Andrew Kelley with the Salvation Army in Austin said it sounds good on paper, but there may be fewer charitable donations made next year, especially from younger generations. That's because of the standard deduction doubles in the new tax law, which could mean fewer people itemizing deductions, including deductions for charitable contributions.
Kelley says nonprofits depend on those donations as they make their annual budgets.