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Article snippet: The tax plan approved by Congress nearly doubles the standard deduction for individuals and families. That could simplify the filing process for millions of Americans, but it will complicate the giving strategies for many who have made a habit of deducting their charitable contributions. Under the new bill, the standard deduction — the amount taxpayers can subtract from their taxable income without listing, or itemizing, deductions on their tax returns — will rise to $12,000 for individuals and $24,000 for married couples. That means people who are close to the cutoff may stop giving altogether, as they may no longer see tax savings from their giving. Or they might consider pooling their gifts in certain years to beat the expanded standard amount and maximize their tax savings through itemization. Earl Molander, a retired business professor in Portland, Ore., has given the situation a lot of thought. Mr. Molander said he donates regularly to a nonprofit organization that funds college scholarships for students at his hometown high school in Marinette, Wis., while his wife supports various health and social causes. They will continue giving under the new tax rules, he said, but will plan to make their donations and itemize their gifts every other year, when they can beat the standard deduction. This year, for instance, they will double up on contributions. Then in 2018, the couple will skip donating and take the standard deduction; in 2019, they’ll make gifts and ... Link to the full article to read more