@RichardRubinDC@Saunderswsj So, so many tax pros in my area got this wrong, and I even lost a client in 21 over it because he didn't believe me that his Goodwill donations didn't count.
Little-noticed provisions in the #OBBB One Big Beautiful Bill Act are about to boost #tax breaks for some donors, lower them for others and complicate them for lots of #Americans @Saunderswsj https://t.co/kiNMP9ABUD
.@Saunderswsj has a taxpayers' guide to the revamped charitable incentives Congress just passed.
One key thing before this starts next year: Non-itemizer deduction is cash-only. The new itemizer deduction has a floor limiting deductions.
So... donate those old T-shirts now.
Congress giveth and Congress taketh away—sometimes in one law. The #OBBB “big, beautiful bill” signed by President Trump this month is a good example. #TAX https://t.co/LxpA2E5Sgk via @WSJ@Saunderswsj
My latest:
Congress is addicted to giving with one hand and taking away with the other through phaseouts, time limits and more.
Bottom line: many people won't be getting the new tax breaks they're hoping for.
https://t.co/fWLQjLa5Yy
My latest:
The GOP tax-and-spending bill would expand tax-free 529 plan withdrawals.
Now they're mostly for college, but the expansion would cover more K-12 expenses and trade certificates, such as for HVAC tech.
https://t.co/PvFJXoP0tC
My latest:
Why Pope Leo's strict vow of poverty could get him out of onerous U.S. tax-filing requirements for expats.
We even have a photo of his vow, from 1981!
https://t.co/8JRpaprvbc
My latest:
Philanthropist Oscar Tang has just emerged from a long, bruising battle with the IRS over $74 million gift of Chinese paintings to New York's Metropolitan Museum.
Here's what that means for your donation deductions.
https://t.co/EnCX4xjf3b
Yes, the @IRS is shrinking. But it is far from toothless—and the cost of getting caught has gotten higher. https://t.co/5tOFh11VKq via @WSJ@Saunderswsj
The IRS and immigration officials are nearing an agreement under which the tax agency would share limited taxpayer data with border-security authorities https://t.co/403Td3JvqZ