Depending on your situation, you may find some tax savings.
Q. We give to about 35 to 40 organizations during the year. How has the tax law changed? Can we still itemize? We historically give about $25,000 to $30,000 to the charities, including our churches, each year.The 2017 Tax Cuts and Jobs Act made some significant changes to how you file your taxes.
He said charitable contributions are deducted on Schedule A “itemized deductions.” The deductions you can list are medical expenses that exceed 7.5% of your income, state and local taxes, mortgage interest and charitable contributions, he said.was unlimited. But now, the SALT deduction was limited to $10,000.
“Because of this, many taxpayers no longer itemize their deductions, especially taxpayers with no or low mortgages,” Kiely said. “These taxpayers take the standard deduction.”you may take a separate deduction for charitable contributions of up to $300, or $600 if you are filing jointly, he said. You said your question that historically “we” give about $25,000 to $30,000 to charities, so we’re going to assume you’re married and file jointly.“With this strategy, you may want to contribute $5,000 to $10,000 in one year and take the standard deduction. In the next year, you contribute $35,000 to $50,000 and benefit from a
Kiely said. “Over the two-year period, you are contributing the same amount of money but in a more tax efficient fashion.”
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