Act By End Of 2018 For Big Tax Savings On Charity—A New Tax Wrinkle

With the end of 2018 flying by fast, here is information about a new twist on an old strategy that could save you a thousand dollars or much more in taxes if you act by the end of the year.

Under the new tax rules that went into effect for the first time this year, the standard deduction almost doubled to $12,000 for singles and $24,000 for couples filing jointly.

The problem is, if you take the standard deduction, you’re no longer allowed to lower your taxable income by itemizing deductions for charitable donations, medical expenses, mortgage interest, and other miscellaneous expenses.

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