Make the most of the new charitable giving rules

Most people no longer get a tax deduction when donating to charity. This shouldn’t stop you from donating, but you may want to change your approach.

Generally, only taxpayers who itemize deductions can write off charitable contributions. The vast majority of taxpayers take the standard deduction instead, which was nearly doubled by the Tax Cuts and Jobs Act 2017. have expired.)

It never made sense to donate just to get a deduction. If you’re in the 22% federal tax bracket, for example, you save only 22 cents in taxes for every dollar you donate. If you’re charitable, however, there may still be ways to get tax relief for your generosity with a little planning, or you can reconsider how you give money.

DONOR-ADVISED FUNDS ARE NOT JUST FOR THE RICH

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