Tax Tip:
Will you itemize your taxes this year?
Because the 2017 Tax Cuts and Jobs Act raised the standard deduction amount for individual taxpayers, many people now take the standard deduction instead of itemizing. However, if you want the tax advantage associated with charitable gifts of cash, you’ll need to itemize.
You may want to consider “bunching” your donations. Essentially, this means making two or more years’ worth of charitable gifts in one year to make itemizing worthwhile. Your advisors can help you determine if this is a good approach.