Deduct Your Donations
Even if you use the Standard Deduction. Ordinarily, if you choose to claim the standard deduction, you cannot deduct your charitable contributions. Good news though, if you don’t itemize deductions for 2021, you may deduct up to $300($600 if MFJ) on your 2021 tax return for cash contributions made to most charitable organizations. If it’s better for you to itemize deductions, then you can still use your donation deduction and you can elect to apply a 100%-of-AGI deduction lim
Year-End 2021 Tax Tips
Here are some things to consider as you weigh potential tax moves before the end of the year. Accelerate Deductions Look for opportunities to accelerate deductions into the current tax year. If you itemize deductions, making payments for deductible expenses such as medical expenses, qualifying interest, and state taxes before the end of the year (instead of paying them in early 2022) could make a difference on your 2021 return. Make Deductible Charitable Contributions If you
