donation – Kenneth Athon Tax Strategies

Elon Musk’s Schedule A and the “Biggest Tax Bill in History”

Schedule A is used to Itemize Deductions, such as major medical expenses, taxes paid, mortgage interest and charitable donations. ------------------------------------------------------- (Excerpt from Yahoo Finance) The world’s richest man donated more…

There are several ways of donating to charities and getting a tax deduction for the gift.

Here is a short list of some of them as compiled by CPA and advisor Ed Mendlowitz, Withum.com.

Combining the Standard with an additional deduction

15 Feb 202115 Feb 2021

For most taxpayers in our state, due to tax law changes during the Trump administration, the Standard Deduction (one generic subtraction from your taxable income) is more favorable than Itemized…