John Kim

As of 2019, the average monthly Social Security payment is $1,422 and you will most likely need more than that to live comfortably during your retirement. Retirement saving is a top priority for many savers and the earlier you start, the less money it will take. But which retirement account do you open and contribute to? There are many different types of retirement plans and the tax benefits vary greatly.

A charitable contribution is a donation or gift to, or for the use of, a qualified organization. You may deduct charitable contributions of cash made to qualified organizations if you itemize your deductions. Deduction on charitable contributions are reported on Schedule A. (Itemized Deductions) The Tax Cuts and Jobs Act (TJCA) increased the annual contribution limits for cash gifts to public charities from 50% to 60%.