Browsing: Charitable Giving

Itemized Deductions—Could They Help You?

Itemized Deductions—Could They Help You?

As the year comes to an end, it is time to start looking at your deductions, and whether you will be taking the standard deduction or itemizing. When taking the standard deduction, the IRS has set dollar amounts—based on filing status—to subtract from your income. You also have the option to itemize which allows you… read more

Are You a Buncher?

As the holidays roll around many people do their annual charitable giving.  And these gifts usually come from the heart.  But there’s also the tax deduction.  Unfortunately, this year many taxpayers may find that their charitable donations won’t be deductible, though they may not learn that until their tax return gets filed in a few… read more

Senior Tax Savings

With the passage of the Tax Cuts and Jobs Act that increases the standard deduction to $24,000 for married couples ($26,600 for those 65+) and $12,000 for single filers, the textbook recommendations for itemizing deductions are being rewritten. A key deduction that hasn’t been altered significantly despite the changes in the tax code is the… read more

Donor Advised Funds

In our January blog post, “New Tax Strategies” we outlined how taxpayers can bunch their deductions into a tax year in order to get enough deductions to itemize. Donor advised funds will become an important vehicle to implement these strategies for many people that are charitably inclined. Most people opt to do their charitable giving… read more