Don't Be a Scrooge: Give and Be Rewarded for Giving

Retirement Daily Guest Contributor

By Rebecca Kennedy

The Tax Cuts and Jobs Act (TCJA) of 2017 raised the standard deduction from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married couples. As a result, the Congressional Budget Office estimates that the number of households who itemize deductions on their federal tax return will shrink substantially and that approximately 85% to 90% of American households will simply elect the standard deduction under the new law. This means it's going to be harder to reap any personal tax benefits from certain large expenses, such as a mortgage, out-of-pocket medical costs, and specifically, charitable contributions. However, with some careful planning people can still be rewarded for their altruism.

Choose a membership to read the full story.
Join TheStreet+ Today
Get the latest research, news and analysis to help you achieve your retirement goals.
  • Unlock Financial Strategies to Help Your Retirement Planning
  • Tips and Advice on Everything You Need to Know to Live Well in Retirement
  • Submit Your Most Pressing Retirement Questions to Top Retirement Expert, Bob Powell
  • Latest News in Social Security, Medicare and Retirement Planning
Comments

Your Money

FEATURED
COMMUNITY