Are you maximizing deductions for charitable donations? Dr. Friday explains the challenges of itemizing under the higher standard deduction, especially for married couples. Learn how to properly document contributions—whether cash, clothing, or food—and ensure compliance to claim your deductions. Stay informed on the rules for charity-related tax savings.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Charity deductions—it’s so much harder now, especially for married couples, to reach the nearly $30,000 threshold for itemizing. You’ve got the SALT tax (state and local taxes) limit of $10,000, and mortgage interest may only add $5,000 or $6,000 with today’s low-interest rates. That’s only halfway there. Charitable donations play a significant role. Make sure you have proper documentation for cash contributions, clothing, food, or other items. Proof is essential to claim those deductions. Need help? Call us at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.