In this Dr. Friday Tax Tips – One Minute Moment, Dr. Friday discusses strategies for taxpayers who itemize deductions, particularly focusing on charitable contributions. She explains that for those who itemize, consolidating several years’ worth of charitable donations into one year can be beneficial. This approach helps in exceeding the standard deduction threshold, thereby allowing the taxpayer to deduct their charitable contributions effectively. Dr. Friday also touches on other potential itemizable deductions such as sales tax and property tax, emphasizing the importance of understanding these options. For personalized advice, she invites listeners to contact her directly. The episode wraps up with an invitation to her live Call-In Show every Saturday.
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.
For many of you itemizing isn’t something you’re going to do but if you do itemize maybe there’s a way of maximizing like giving a couple years worth of charity at one time therefore you’re able to hit that itemization otherwise you won’t be able to deduct your charitable deductions you can give up to 60% of your income and take it all in one year assuming again that that still kicks you into the itemizing but along with that you may have some other deductions sales tax property tax and we’ll cover more of those but if you’re not sure how this would work give me a call I can explain it 615-367-0819 or drfriday.com.
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.