Apr 14, 2024
4:12:22pm
dilbert All-American
That's right. You can only use charitable donations as itemized deductions in the year they were actually donated. But
one strategy is to do just what you said: save up all your tithing for one year, and pay it at the beginning of the next year, then just pay tithing like normal for that second year.

Then you would use the standard deduction for the first year, and itemize for the second year. The amount of tithing paid is the same as if you didn't do this, but you end up paying lower taxes the year that you itemize. You can continue alternating years like that on into the future.

You come out ahead doing this if 2 x your annual tithing + mortgage interest and other itemized deductions is more than the standard deduction (which it is for a lot of people). Of course, if tithing + interest + other itemized deductions is more than the standard deduction, then you are better off not using this strategy (but that would mean you make a ton of income and pay a lot of mortgage interest, so that probably doesn't apply to very many).
dilbert
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dilbert
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