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☆ 4 ways to maximize your tax break for charitable donations on Giving Tuesday, according to experts
▼ + stars: | 2023-11-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Getty ImagesWhen filing your taxes, you claim the larger of the standard deduction or your total itemized deductions. In 2018, the Tax Cuts and Jobs Act nearly doubled the standard deduction, slashing the number of filers who itemized. For 2023, the standard deduction is $13,850 for single filers and $27,700 for married couples filing jointly. Give profitable assetsWhether you're transferring money to a donor-advised fund or giving directly to a charity, experts recommend sending profitable assets, rather than cash. Bunching donationsAnother way to exceed the higher standard deduction is by bunching donations, which is a popular strategy for donor-advised funds, experts say.

Persons: Juan Ros, Michael Maye, Maye, bunching, Mitchell Kraus Organizations: Financial Management, Financial, MJM Financial, Capital Intelligence Associates Locations: Thousand Oaks , California, Gillette , New Jersey, Santa Monica , California

☆ A new surprise for U.S. savers: Turn 529s into retirement money
▼ + stars: | 2023-03-14 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

But starting in 2024, up to $35,000 in 529 funds can be redirected into a Roth IRA penalty-free. "Maybe this provision gives parents some comfort, to know that excess money could be used in future for their child's retirement." As a result, these new 529 rules might mean that parents need not be as nervous about money getting trapped. "Many parents and grandparents are worried about overfunding their 529 plans," said Mitchell Kraus, a financial planner in Santa Monica, California. "This will ease some concerns, as excess money can be used for future generations' retirement."

☆ The new allowance rule? Allow for inflation
▼ + stars: | 2022-09-29 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationNEW YORK, Sept 29 (Reuters) - If you are feeling the effects of inflation, here is a news flash: Your kid is, too. The year-over-year inflation rate in August was 8.3% – dipping slightly from previous highs, but still eating into parents’ paychecks. Which begs the question: How much should parents factor inflation into their allowance-setting decisions, if at all? After all, the 3.5% year-over-year allowance bump doesn’t really reflect the full scope of all the inflationary pressures out there. “So parents might be giving them extra jobs outside their allowances, in order to compensate for inflation,” he says.

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