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.Healthcare costs and fees concept.Hand of smart doctor used a calculator for medical costs in modern hospital with VR icon diagram
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