Charitable Contributions and the New Tax Law

We're starting to read the new tax legislation document and upon looking at the charitable donations section, we see that deductions for charitable contributions will remain a tax deduction. So please do not stop your good deeds for any misunderstanding of the new tax law!

Where the headlines may be causing confusion (and consternation) about the charitable contributions deduction is simply that these headlines garner attention but are not explaining that it is likely to be an issue for those who previously exceeded the standard deduction by a small margin. Now that the standard deduction is doubling, itemizing your deductions on Schedule A (where the charitable contributions are deducted) may be unnecessary in order to reap a lower tax on the year (since the new standard is so high).

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Electing to Deduct Sales Tax


The election to deduct sales tax on your tax return only applies to taxpayers who itemize their deductions. Normally, if you're itemizing, you should hire a licensed tax professional to prepare your taxes for you. Itemizing can quickly become complex, involve more details in the preparation process, involve strategy for maximizing deductions and minimizing tax and most importantly take up lots of your time.

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