In this next episode of Brief Insights, we sit down with Doeren Mayhew Michigan tax advisor, Jim O’Rilley, as he shares tax saving strategies when it comes to charitable giving. COVID-19 has brought about the generosity of many individuals, and one of the ways individuals choose to share their resources is through charitable contributions. Watch our latest video to learn more about where charitable giving laws stand today, tax strategies for donating and more.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted many favorable charitable giving tax breaks for individuals, including:
To itemize a deduction, a single person would have to exceed $12,400 of total deductions, and a married couple filing jointly would need to exceed $24,800. This includes tax deductions, mortgage interest deductions and charitable contributions.
If you would like to make a charitable donation, you must know the tax effects that come with giving. Watch our video to learn some tax saving strategies to meet your charitable giving goals, including:
If you need help meeting your charitable giving goals and objectives, contact us today.
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