Saturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990.Energyread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
"Blaming Iran won't end disaster. Accepting our April '15 proposal to end war & begin talks may," Zarif said on Twitter.Energyread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
Doing good is its own reward. Reaping the tax benefits is a nice perk.
While taxes might not have been at the forefront when providing aid to others, the tax deduction for charitable contributions has typically helped shave money off your tax bill if you itemize instead of taking the standard deduction.
But under the new Tax Cuts and Jobs Act, that threshold is tougher to clear. Although the deduction for donations is unchanged, you'll still need to itemize to claim it, and that's a much higher bar with the nearly doubled standard deduction.
"With a higher standard deduction, there will be less people who benefit from donating to charity," said Eric Bronnenkant, a certified financial planner and CPA and the Head of Tax at online financial advisor Betterment.
(Under the legislation, an individual would need total itemized deductions to exceed $12,000, the bill's new standard deduction for individual taxpayers, up from the current $6,350. Married couples would need deductions exceeding $24,000, up from a current $12,700.)
"Without itemized deductions, most people will lose all tax benefits associated with charitable giving," said Kimberly Dula, a partner at the accounting firm Friedman LLP in Marlton, New Jersey.
For charitable donors aren't ready to let go of that tax break, there are still several ways around the new rules.
For starters, try a strategy called "bunching." Rather than giving every year, "give a greater amount every other year," said Amy O'Loughlin, a director in CBIZ MHM's tax and business services division in Phoenix, Arizona.
For example, instead of giving $5,000 to charity annually, accelerate the gift by giving $10,000 every two years. This way, you can get your itemized deductions over the limit one year and take the standard deduction the next.
Similarly, a donor-advised fund lets you make a charitable contribution and receive an immediate tax break for the full donation, and then recommend grants from the fund to your favorite charities over time.
"You can put in $10,000 and get a one-time tax deduction and spread your donations out to the charities you support," O'Loughlin said.
Retirees, age 70½ or older, might also consider transferring money from their IRA to a qualifying charity. Such qualified charitable distributions can be a tax-efficient way of meeting your required minimum distribution — and you don't need to itemize your deductions to benefit, according to Bronnenkant.
There are a few other tricks, too, like avoiding the capital gains tax on investments by giving stocks or other appreciated assets, such as artwork and antiques, which have grown in value.
"A standard practice on how to leverage charitable donations is to donate appreciated assets," said Bronnenkant.
High-income earners, in particular, should consider a noncash donation specifically because of the tax advantages, he said.
And of course, "you can always give to charities without getting the tax break," O'Loughlin added. Regardless, "Americans are very generous. I think they will always give to charity."
"On the Money" airs on CNBC Saturdays at 5:30 a.m. ET. Check listings for air times in local markets.
More from Personal Finance:
Bill Clinton to CNBC: New tax law is 'bullet aimed at New York and California'
Ramp up your tax savings in 2018 with this strategy
Tax bill will slash by half the number of homeowners using the mortgage deduction