Generosity has its perks, or rather its tax benefits.
Keep in mind, taxpayers are able to easily itemize once they exceed their standard deduction. This typically happens by taxpayers claiming charitable donations along with any expenses they have. It then becomes greater than their standard deduction. However, the standard deduction is twice the amount for 2017.
Due to the Tax Cuts and Jobs Act (TCJA), taxpayers who itemize may face some difficulties next year.
Read on to find out what you can do to be prepared for next year!
“Bunching,” a word that people can’t stop talking about.
If you’re surfing the web for information on charitable donations, you might run into the term, “bunching.” It may be confusing, so we’re here to clear it up for you. (more…)