2. Deduct all donations
Being generous to certain organizations translates to deductions, which could actually maximize your refund check. However, in order to deduct these donations, you have to itemize all of your deductions.
Approximately 30% of taxpayers chose to itemize their deductions rather than taking the lump-sum standard deduction offered by the IRS, but that number is expected to drop significantly now that the standard deduction has nearly been doubled to $12,200 for individuals and $24,400 for married couples filing jointly.
Now, itemizing might be worth it if you make significant donations. First, you should verify some charitable organizations that can prove their 501(c)(3) tax status. Secondly, you must keep a receipt. Also, don’t forget that you can only deduct up to 50% of your adjusted gross income in charitable donations.
