charitable donations

Tax deductions can be tricky to understand if you’re new to the finance world. One of the biggest sources of confusion is knowing what you can and can’t deduct from your taxes. Deductions can be a massive financial boon for a lot of people, yet not everyone files for them correctly. This causes people to

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The Tax Cuts and Jobs Act of 2017 raised the standard deduction for US taxpayers and capped the state and local tax deduction at $10,000. This greatly reduced the number of taxpayers who itemize on their tax return and caused a major reduction in charitable giving. Taxpayers who itemize can reduce their income by the

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