Spend hours thinking through how to maximize your credit card perks? You could be doing the same thing with your donation dollars. With some upfront thinking and strategizing, you can save on taxes while doing good in the world.
Taxable Income = Income — Nontaxable Income, so increasing your non-taxable income (like donations) decreases your tax burden
In order for your donations to be factored into your non-taxable income, you have to exceed the “standard deduction” amount
The standard deduction amount doubled in 2019 due to new tax policy, but the saavy tax payers are using bunching strategies to make their donations count