Itemize and bunch charitable contributions
Charity is often considered by many as a pathway to heaven. Well, it can be your path to tax savings too!
If you are close to the standard deduction threshold of $12,200 for a single filer and $24,400 for a couple, you should consider itemizing your charitable contributions so they help you cross over that limit.
Donations still need to be filed in detail and backed by supporting documentation.
If you are well below the standard deduction threshold even after you include itemized charitable contributions, they will no longer be deductible.
In this case, consider “bunching” your charitable contributions — where you combine two years’ worth of contribution in one year — so you cross the minimum and get at tax break.
