One-third of itemizers
reported less than $250 in charitable deductions, and 50 percent claimed less than $1,000.
Because a somewhat different assignment of itemizer
status yields estimated coefficients that are much larger and statistically significant, I do not discount these estimates as essentially zero (see Appendix C).
With the exception of sales taxes, state and local taxes are currently deductible for itemizers
at the individual level and for all corporate taxpayers, thereby avoiding double taxation.
CPAs might determine which clients are likely to benefit from early mortgage payoff by reviewing tax returns to identify marginal itemizers
For an itemizer
at the federal level, the tax price of a deductible tax is one minus the federal marginal tax rate.
Kelly Browning, executive vice president of AICR, remains concerned about the potential for a charitable giving floor for itemizers
benefit from this, but the tax deduction from a large payout could qualify one to itemize.
The hypothetical itemizer
who might donate $500 annually now would only be allowed to take a tax deduction of $290.
A deduction for student loan interest is available to itemizers
I believe non- itemizers
should be able to deduct charitable giving, which would encourage 84 million taxpayers to provide an additional incentive, besides their heart, to contribute to a faith-based organization or a charity.
The fee for a 1040 without itemized deductions is just $75; $125 for itemizers
This would equalize the tax treatment of both itemizers
and nonitemizers and hopefully, according to IS, spur giving.