Charitable giving is a wonderful way to make a difference in the world, but it can also be a smart financial move. By carefully planning your donations, you can significantly/greatly/substantially reduce your tax burden while still making a positive/impactful/meaningful contribution. Start by consulting with a qualified financial advisor. They can
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If your itemized deductions are increased compared to the standard deduction for your filing status, it is best to elect to itemize to cut back your taxes. Even though in recent years the tax code allowed an individual to claim the common deduction and also deduct nearly $300 of contributions, ($600 on joint returns), that provision has expired.