3 Ways to Maximize the Tax Deductions From Your Charitable Contributions
Donating to a nonprofit that works for a cause you believe in can be rewarding in and of itself. But the U.S. government wants to give you more for your charitable contributions in the form of a tax deduction. Getting the most out of that tax deduction leaves more money in your pocket to give more or save for other goals.
Here are three ways you can maximize the impact of your donations on your annual tax return.
When the Tax Cuts and Jobs Act passed in 2017, it "simplified" taxes for many households by increasing the standard deduction. The result is a lot fewer citizens itemize their tax deductions today. But to get a tax break for your charitable donations, you typically need to itemize.
Source Fool.com
