Maximizing Tax Savings through Strategic Charitable Giving
Charitable giving strategies can provide a bigger tax benefit, especially after the Tax Cuts and Jobs Act of 2017. To maximize tax breaks, investors can "bunch gifts" by concentrating them in one year. Donor-advised funds and individual retirement accounts are popular options for tax-savvy donations. Profitable investments from a brokerage account are the best assets to donate to charity, while pre-tax individual retirement accounts are better for those aged 70½ or older.