How to score a write-off on ‘Giving Tuesday’ if you don’t itemize

Vladimir Vladimirov H + | Getty Images After a weekend of weekend shopping, Americans will bombard Giving Day philanthropy Tuesday, which generated $2.47 billion from American donors in 2020. But many don’t realize that there is a tax exemption for cash gifts in 2021, even if they don’t itemize deductions on their federal returns. Introduced … Read more

Consider these assets for the biggest year-end charitable tax break

Wira Rudsawang | moment | Getty Images With the holiday season approaching, those planning year-end charitable donations may want to know how to achieve the biggest tax cut. Nearly 90% of wealthy families donated to charity in 2020, according to a Bank of America charitable study, with an average home gift of $43,000, up from … Read more

Infrastructure bill cracks down on crypto tax reporting. What to know

chennapong | iStock Editorial | Getty Images Financial experts say crypto investors may face higher taxes as the infrastructure bill eliminates future IRS reporting. The $1.2 trillion deal requires mandatory annual tax returns from crypto brokers starting in January 2023 to help pay for President Joe Biden’s domestic spending agenda. The measure could generate nearly … Read more

House Democrats pass package with $80,000 SALT cap through 2030

House Democrats on Friday passed their $1.75 trillion spending package with a temporary increase to the maximum federal deduction for state and local taxes, known as SALT. The bill will increase the limit to $80,000 from 2021 through 2030 before dropping it again to $10,000 in 2031. Without changes, the current $10,000 cap will expire … Read more

Inflation, Medicare, taxes will affect Social Security income in 2022

Medicare Part B Premiums While the cost of living adjustment typically goes up each year, the Medicare Part B premiums that older Americans pay for physician and outpatient services. In 2022, the premium for Standard Medicare Part B will rise to $170.10, well above $158.50. The record increase of 14.5% was driven by multiple factors, … Read more

House Democrat plan bumps state and local tax cap to $80,000 till 2030

Representative Josh Gotheimer (D-NJ) (center) and Representative Tom Reed (R-NY) (third right), co-chairs of the bipartisan problem-solving caucus, hold a press conference with fellow congressmen to highlight the need for COVID-relief legislation 19 bipartisan, bicameral outside the US Capitol on December 3, 2020 in Washington, DC. Chip somophila | Getty Images House Democrats late Thursday … Read more