Twenty Four Thousand Dollars discussed on The Money Hour Radio


To help you grow your money cut your taxes and have a very successful retirement and i'm one your co host ban bars zita for this segment we're gonna talk about charitable deductions with the new tax law because it's changed some and we're going to highlight two different strategies that for some people you may be able to actually combine both and be able to get even more of a deduction so the new tax law nearly doubles the standard deduction and twenty eighteen to twenty four thousand dollars for joint filers younger than age sixty five while it also caps or eliminates other types of deductions so this means it will no longer makes sense for as many tax payers to itemize deductions so the tax policy center estimates that the number of households claiming an itemized deduction for charity giving will fall from thirty seven million to only sixteen million people in two thousand eighteen well you know there are two alternative strategies that can potentially help you to take a tax deduction and in many cases while consistently supporting your favorite charity one strategy involves what's called a qualified charitable distribution we just call it a qc cd and the other one involves bunching your deductions your your donations in certain years some people may be able to utilize both of these strategies to further increase the deduction amounts as well.

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