They are calling it the most drastic change to the tax code in 30 years, and that’s pretty accurate because there’s a lot of stuff going on in the bill the Senate approved this morning. One big change will affect tax-exempt nonprofits like Artists of Utah, publisher of 15 Bytes, and the people who support them.
It has to do with the standard deduction. If you make a middle-class income and are on the first 20 years or so of a 30-year mortgage, then you likely itemize deductions on your taxes (these items include the interest on a mortgage, property taxes, state income tax, and charitable giving to nonprofits like churches and arts organizations). Which means that for every dollar you give to a nonprofit like Artists of Utah, you essentially get 25 cents back at tax time.
The doubling of the standard deduction in the new tax bill, though, means that a lot of taxpayers will no longer find it beneficial to itemize. Which means no 25 cents back at tax time. And could mean not so many dollars given to nonprofits.
Does that mean we’ll be closing up shop? We hope not. People give to 15 Bytes for a lot of reasons, and probably lowest on the list is the tax break. But it doesn’t hurt, right? So, here’s what we suggest: if you think you were going to make a contribution to Artists of Utah/15 Bytes in 2018, why not do it before the end of 2017? That way, we’ll still be able to keep doing what we’re doing, and come tax time you’ll still get that little kickback in the form of a tax break.
You can mail a check to:
Artists of Utah
P.O. Box 526292
SLC, UT 84152
Or use this button to make a contribution with your credit card (processed via Paypal):
UTAH’S ART MAGAZINE SINCE 2001, 15 Bytes is published by Artists of Utah, a 501 (c) 3 non-profit organization headquartered in Salt Lake City, Utah.
Categories: Artists of Utah News | Public Issues
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