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@mvqwgybuhqaluk: #ColorMaze3d

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Monday 02 November 2026 04:53:52 GMT
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haakensoncurran98
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2026-11-02 12:35:32
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Donations WON’T lower your taxes unless you do THIS🤫 A HUGE misconception I saw all the time during my days as a financial planner/tax preparer was that making donations to charities automatically lowers your tax bill. It can, but ONLY if you don’t claim the standard deduction. In 2020, a whopping 87% of Americans claimed the standard deduction, meaning only 13% of Americans see any financial benefit from donating to charity. Should your main motivation for giving to charity be the financial benefit? Of course not. But is it fair to only allow those who itemize their deductions (which tend to be wealthier individuals) to receive a financial benefit for charitable donations? I don’t think so… Appreciate you! -Nick . . . . . . Disclaimer: This content is purely educational in nature and is NOT intended to be financial or tax advice. Consult with a qualified professional who understands your specific situation before making any financial decision. Nick holds the CFP® designation, and had a career as a financial planner, but does not currently advise clients and solely focuses on creating educational financial media. . . . . . . #moneytok #PersonalFinance #financetips #taxes #taxtips #charity
Donations WON’T lower your taxes unless you do THIS🤫 A HUGE misconception I saw all the time during my days as a financial planner/tax preparer was that making donations to charities automatically lowers your tax bill. It can, but ONLY if you don’t claim the standard deduction. In 2020, a whopping 87% of Americans claimed the standard deduction, meaning only 13% of Americans see any financial benefit from donating to charity. Should your main motivation for giving to charity be the financial benefit? Of course not. But is it fair to only allow those who itemize their deductions (which tend to be wealthier individuals) to receive a financial benefit for charitable donations? I don’t think so… Appreciate you! -Nick . . . . . . Disclaimer: This content is purely educational in nature and is NOT intended to be financial or tax advice. Consult with a qualified professional who understands your specific situation before making any financial decision. Nick holds the CFP® designation, and had a career as a financial planner, but does not currently advise clients and solely focuses on creating educational financial media. . . . . . . #moneytok #PersonalFinance #financetips #taxes #taxtips #charity

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