reduce taxable income

Reduce Taxable Income with a Qualified Charitable Distribution

Reduce Taxable Income with a Qualified Charitable Distribution

The Tax Cuts & Jobs Act has nearly doubled the standard deduction and as a result, the vast majority of taxpayers will no longer benefit from itemized deductions.

For many, this is a welcomed change, as it simplifies filing and may even reduce your tax bill, as long as your itemized deductions are less than $12,000 (single) or $24,000 (married filing jointly). Seniors qualify for an additional deduction of $1,300 (single) or $2,600 (married filing jointly).