New charitable giving tax deduction worth up to $2,000 is coming soon, and you don’t have to itemize
Millions of taxpayers will soon benefit from a new above-the-line tax deduction worth up to $2,000 for qualified charitable contributions.
Andrea Coombes, an editor at Bankrate, translates complex personal finance topics into understandable language that helps people live their best financial lives. She’s a CERTIFIED FINANCIAL PLANNER™ and over the past 25 years has worked as a financial coach, personal finance writer and editor, and volunteer tax preparer.
Her work has been published in The Wall Street Journal, USA Today, MarketWatch and many newspapers nationwide. She's been interviewed on local and national TV and radio, including NPR's All Things Considered, CBS News, NASDAQ and Marketplace.
Andrea has moderated panels on how to invest for retirement, how to use 529 college savings plans and more, and she's an experienced personal-finance speaker who has presented to groups on a variety of topics such as how to budget, improve credit, manage debt, and build savings. She's also worked as a personal financial coach and certified consumer credit counselor, helping people reach their goals. For two tax seasons, she worked as a volunteer tax preparer.
A lot of people are nervous about managing their money. I'm here to say: It's not rocket science. There are small steps each of us can take to slowly start moving towards our long-term financial goals. We can do this, people.
— Andrea Coombes, CFP®
It’s back-to-school season, and expenses add up fast. These state and federal tax breaks can help.
With taxes, it can pay to keep things simple. These 5 tax deductions let you trim your tax bill without itemizing.
A new $1,700 tax credit will be available in 2027 for donations aimed at helping private school students.
Your unemployment benefits generally are taxable at the federal level, but your state may or may not give you a tax break. Here’s what you should know.
Picking the best filing status for your situation — whether that’s single, head of household, married filing jointly or separately, or surviving spouse — can save you money at tax time.
Itemized deductions are IRS-approved expenses that can reduce your tax bill. But claiming the standard deduction instead can mean a lower tax bill for many taxpayers.
If your income hits a specified level, you’re required to file a tax return. But it may make sense to file no matter what your income.
If you want to claim a tax deduction for your donations, you’ll need to place a value on each item. This valuation guide will help.