Some Kansas City charities report an increase in giving
2017 Tax Cuts and Jobs Act reduced the tax benefits of charitable donations
2017 Tax Cuts and Jobs Act reduced the tax benefits of charitable donations
2017 Tax Cuts and Jobs Act reduced the tax benefits of charitable donations
It's been nearly five years since President Donald Trump's tax plan was signed into law, which lowered taxes and raised deductions, causing some to fear a major blow to charitable donations.
Some charities said they have seen increases in giving. Initiatives such as Kansas City giving machines at Crown Center help. The vending machines support metro nonprofits, such as the Veterans Community Project.
Look beyond the size of this tiny house at Crown Center Ice Terrace.
"We use granite countertops. We make this first class," said Michele Orpin, director of development for the Veterans Community Project.
You'll find quality at its heart.
"Five combat veterans that started VCP designed this house," Orpin said.
The 240 square feet are secure, pet friendly, and packed with a full kitchen and bath.
The Veterans Community Project said that helping vets have dignity is possible because of charitable donations.
"People are so kind and generous in the Kansas City community. We are so fortunate," Orpin said.
"The 2017 Tax Cuts and Jobs Act certainly did reduce the tax benefits of charitable donations," said Corey Hulstein, CPA with the Barber Financial Group.
Despite fewer tax benefits, many say giving has increased.
"We really have felt like the Kansas City community has wrapped their arms around our veterans," Orpin said.
Many said the increase has nothing to do with taxes.
"We give to charity because we want to give to charity. Right?" Hulstein said.
Still, there are some tools to help, such as "donor-advised funds" and "qualified charitable distributions."
"The big thing for a lot of people is make sure they get advice because this stuff is complicated," Hulstein said.
This year, Giving Tuesday seems bright.
"Please support the Giving Machines. It's a wonderful opportunity for all ages to give," Orpin said.
The Giving Machines are open 24/7 through Jan. 1. They support six metro charities and two international ones. Instead of a candy bar for you, can buy utilities for a vet
and get a commemorative tree ornament to remember the experience.