If charitable giving is on your mind, consider a tax reduction strategy called “bunching.” Only donations to IRS-approved charities are deductible, and only if you itemize. However, itemizing is less common since the standard deduction nearly doubled (for 2018-2025, unless extended by Congress). Bunching may allow you to benefit from the standard and itemized deductions by consolidating donations into alternating years. In gift years, make larger donations and itemize. In off years, skip donations and claim the standard deduction. This strategy can also apply to other eligible itemizable expenses, such as mortgage interest, property taxes and planned medical costs. Contact us with questions. © 2024