Don’t Give Cash
Changes in the federal tax laws in recent years have raised the standard income tax deduction. Unfortunately, this has made it more difficult for a person to reduce their taxes owed by writing a check since many people are better off taking the standard deduction than itemizing deductions on their returns. For 2022, the standard deduction is $12,950 for single filers and $25,900 for couples. In 2020 and 2021, there were special tax deductions for non-itemizers that gave cash contributions to charity, but that deduction is not available in 2022. If you plan to give away a few thousand dollars, it probably doesn’t make sense to give cash, so look for other ways to make this gift. Below are a few alternatives.
The post New Demo Article for QA appeared first on Moneta Group.
source https://monetagroup.com/blog/new-demo-article-for-qa/
No comments:
Post a Comment