Is “bunching” right for you?
Charitable contributions typically provide the greatest tax benefit if you choose to itemize your taxes. Generally you'd itemize when the combined total of your anticipated deductions—including charitable gifts—is more than the standard deduction of .
A larger donation to chartiy this year could help you surpass the standard deduction. You may want to consult your tax advisor about donating three years' worth of your annual charitable contributions which could potentially reduce your tax liability by approximately over three years based on your tax rate of !
Total tax deductions1
Total tax deductions2
Optimize your charitable giving for maximum tax savings
Understanding tax strategies related to charitable giving can help you decide how much to give, what assets to give and when to give. Smarter giving lets you potentially give more and to the causes you care about while minimizing your overall tax liability.