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2019 tax strategies – Max Deductions

With the standard deduction doubling ($24,4K for joint filers in 2019), you may want to consider bunching some your deductions every other year (not property taxes) to produce a higher deduction over a two-year period. Things like:

Charitable contributions

If you’re 70½ years-old or older and hold an IRA account, you may be able to make a qualified charitable distribution to possibly reduce your above-the-line income.

Everyone can benefit from a donor-advised fund for those looking to contribute a large amount this year (for the immediate deduction this year) and be able to control how the monies get distributed over many years in the future.

Chase