Reported 2 days ago
Trump's new tax legislation, known as the 'One Big Beautiful Bill', extends tax cuts from 2017 and introduces changes affecting charitable giving and deductions. While the new deductions aim to motivate everyday donations, high earners may face limitations that could deter their contributions. The permanent increase in the standard deduction simplifies tax filing and makes itemizing less common, pushing taxpayers to plan strategically for optimal benefits in light of these changes.
Source: YAHOO