Sidestepping New Limits On Charitable Donations
If you think you’re no longer allowed to deduct items like charitable donations on your income tax return, think again.
The new tax law doubled the standard deduction, slashing the number of Americans eligible to itemize deductions from 37 million to 16 million.
However, if you are among those who will lose your ability to deduct charitable donations, there is a simple strategy for managing the new limits on charitable giving, and it enables you to continue doing good while doing well for yourself by reducing your tax bill.
The strategy is simple: bunch a few years of donations into a single tax year instead of making them annually.
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