ALBANY, N.Y. -- While many were pleasantly surprised with the increase in paychecks due to new federal tax laws, changes in the law could hurt the nation's non-profits.
"For people who itemize, it's going to be a different issue, because not as many people will be itemizing," said Pat Catchpole, tax professional at Block Advisors.
Under the new plan, the standard deduction for single filers will be $12,000, and $24,000 for married couples, almost double what it was in 2017. Charitable contributions are still deductible, but with the cap on state and local taxes, far fewer people will see tax benefits from donating to charity.
Catholic Charities of the Diocese of Albany, a non-profit which serves people of all backgrounds and faiths, takes in about $5 million in donations from individuals and corporations.
"We hope that people are doing it because they care for our missions and they care for the people we are helping," said Paul McAvoy of Catholic Charities. "There is no doubt that having a little sweetener or extra tax benefit doesn't help people come tax time."
"It could affect charities, and I understand why they are concerned, but the people I talk with say they donate not for the tax benefit, but because they want to support that charity," said Catchpole.