Ways You Can Help The Salvation Army

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News

Friday November 22, 2019

Our News
Exciting events are happening at The Salvation Army Eastern Territory
Thank you for your interest in The Salvation Army Eastern Territory. Our hope is to serve you and your family with helpful information.
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Personal Planner
Living Trusts Versus Wills
Jacqueline Kennedy Onassis was diagnosed with cancer in January 1994. She signed a will in the New York offices of a...
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Savvy Living
How to Create a Family Health Portrait
How do I go about making a family health history? Most of my relatives have died before age 65. My doctor suggested I...
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Washington News
Benefits of Bunching Charitable Gifts
With the doubling of the standard deduction in 2018, the number of taxpayers who itemized deductions declined substantially. In 2017, nearly 30% of taxpayers itemized, but with the larger standard deductions, only about 10% of taxpayers will itemize this year. The standard deductions in 2018 doubled to $24,000 for married couples and $12,000 for individuals. The married standard deductions increased to $24,400 in 2019 and $24,800 in 2020. Individual standard deductions are one-half the married number. What tax planning strategy might benefit generous taxpayers who know there is a large standard deduction and still desire to help a favorite charity? Let's consider the options for two generous families – John and Mary Jones and Harry and Susan Green. Both couples pay $8,000 in state and local taxes and $7,000 in home mortgage interest. They each give $8,000 to their favorite...
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