Protected: Free 2018 Tax Planning & Budgeting Course 2018-11-18T21:21:03+00:00

Charitable contributions

In 2018, the standard deduction was raised which makes it difficult to itemize. However, by doing multi year tax planning, you could choose to donate every other year.

This increases your itemized expenses every other year. As a result you are able to take the itemized deduction bi-annually.

Over the long run, this saves you more taxes when compared with missing the threshold to itemize each year.

Let’s take a look at an example:

In the example above, we see this taxpayer saved $13,440 in taxes by using this multi year tax planning strategy.

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