Charitable organizations face financial needs on a month-to-month basis, yet many people tend to concentrate their charitable distributions in the end of the year. We often do this as part of year-end tax planning. Yet this doesn’t necessarily serve you, or the organizations you support, in the most effective way.
Let’s begin with the fact that for many people, it doesn’t pay to itemize deductions. In 2023, the standard deduction is $27,700 for a married couple filing jointly and $13,850 for a single tax filer. The deduction...