mh67511

Ok a tax question. I know that you can write off certain charitable contributions.

My question is, can you ONLY do so when you itemize your deductions?
My dad said you can only do it if you itemize and he said itemizing is a bad pain in the butt. If that's true, and I don't know if it is, why can you only deduct charitable contributions when you itemize?

Just wondering.

Milt Palacio

Yes.

There is no benefit to you itemizing deductions at this point in your life. You will get more benefit from taking the standard deduction.

Worry about itemized deductions when you buy your first house and get your first mortgage. Until then, you won't be itemizing your deductions.

86amanda86

We did our own taxes at one point in highschool math...but, now I don't remember a thing about it. My dad does mine for I file online...

mh67511

Oh I know, LOL! I wouldn't even think to itemize deductions. I just always wondered about that because I read of an idea to allow people to deduct, dollar for dollar, their charitable contributions whether or not they itemize, as a way to stimulate giving to private charities, which do a much more efficient and better job of distributing aid than the government.

I thought that sounded like an interesting plan.

Milt Palacio

I like that idea a lot. It would encourage younger people and people who don't own homes to give to charities.

The government would lose a lot of tax revenue if that happened though. So unfortunately the tax law probably won't be changed.

mh67511

I like the idea too but they would probably have to cap.

But then I think if they cap it...would rich people donate?