Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Fri May 30, 2014 01:29 PM CDT

There is a perception that writing a check to your church or other charity produces a full tax deduction. But that's becoming increasingly problematical. For upper income filers (over $250,000 of adjusted gross income on the 1040), itemized deductions, including charitable contributions, are subject to phase-out. And for others, especially those without large residential mortgage interest deductions, the itemized deductions are often of modest benefit due to the standard deduction alternative of over $12,000. Bottom line: A $10,000 charitable contribution may be effectively reduced to a smaller deduction as it works its way through your 1040.

Here are some strategies ...

Quick View
Related News Stories
Ask the Taxman by Andy Biebl
Minimize Farmland's Exit Taxes
Funding, Tax Bills Released
Ask the Taxman by Andy Biebl