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Deductions & credits
Q. Should I donate $2933 (only $300 donations) before end of 2025 to drop my income to 12%?
A. NO. It doesn't work that way. For 2025, you have to use itemized deductions, for charitable contributions.
The new above-the-line charitable deduction is available starting in the2026 tax year, not 2025. Taxpayers will be able to deduct up to $1,000 (for single filers and those married filing separately) or $2,000 (for married couples filing jointly).
3 weeks ago