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Video instructions and help with filling out and completing Form 8283 2021-2022
The tax cuts and Jobs Act of 2022 transformed the American tax code and you may be left with questions what does this mean for my charitable giving is there anything I should do differently tax reform doubled the standard deduction the line a taxpayer must cross in order to itemize deductions on their tax return and many people may not have enough tax deductions to benefit from itemizing one tax efficient strategy is called bunching where you group multiple years of deductions into a single year in order to surpass the standard deduction let's take a look at how this can work for you imagine that you're married filing jointly in the 35 percent tax bracket and you're eligible for three of the most popular tax deductions state and local taxes mortgage interest and charitable giving let's say you paid $10,000 in state and local taxes on top of that you add your mortgage interest deduction let's say that's $5,000 finally you donate $10,000 to charity each year with that donation you will exceed the standard deduction by $1,000 and get tax savings of three hundred and fifty dollars over three years that comes out to 1,050 dollars that's pretty good but what if you could save six times that amount bunching makes that possible if you bunch three years of charitable contributions into one year you will exceed the standard deduction by $21,000 a potential tax savings of seven thousand three hundred and fifty dollars we know you probably want to maintain your annual support for the charities you care about and that's easy with the donor-advised fund when you contribute your charitable dollars to a public charity with the donor-advised fund you become eligible to take an immediate tax deduction and then make grant recommendations to qualified charitable organizations in the time frame that works best for you whether that is this year or over many years as a bonus the funds in your donor-advised fund have the potential to grow tax-free meaning more money for your favorite charities talk with your CPA or financial advisor today to review how charitable giving can impact your tax strategy and remember just a little charitable planning can go a long way to ensuring you get the most out of your hard-earned money.