Charitable Contributions
It’s always a good idea to donate money or goods to those less fortunate than you. On top of helping your community, you’ll also be paying yourself.
This only works for itemized deductions if you deduct cash contributions to qualified charitable organizations that equal up to 50% of adjusted gross income. But seniors don’t necessarily have to donate money.
Say you’re downsizing and want to get rid of some stuff. You may deduct the fair market value of the goods you’re donating, too!
