The Tax Cuts and Jobs Act of 2017 raised the standard deduction for US taxpayers and capped the state and local tax deduction at $10,000. This greatly reduced the number of taxpayers who itemize on their tax return and caused a major reduction in charitable giving.
Taxpayers who itemize can reduce their income by the amount that they give to eligible charities and charitable organizations, and thus pay less in taxes.
When you pay taxes you (or let's be real – your accountants) add up all of your deductions (charity donations, student loan interest, et cetera) and if it's more than the standard deduction of $12,400 for single people ($24,800 for married couples filing jointly), you can reduce your income by that amount and pay taxes on that amount.
Since the standard deduction is now higher, less people are itemizing all their deductions as they don't expect to exceed the standard deduction. This disincentives people from giving to charities as they won't be able to use that donation to lower their tax burden.
This year offers a special opportunity thanks to the CARES Act.
The CARES Act was passed in response to the Coronavirus pandemic and offered a special incentive for people to give more to charities, many of which are facing more demand than ever as the pandemic rages on.
Starting in 2020, up to $300 in charitable contributions may be used as an above-the-line deduction, meaning that you would be able to deduct up to $300 in charity donations and mutual funds even if you take the standard deduction.
Let's say you are a single person that lives in Washington State and make $60,000 a year. Your top Federal tax rate is 22% and you pay no state tax in Washington.
Now, you're very likely to take a standard deduction of $12,400, meaning you would only need to pay taxes on $47,600 of adjusted gross income, lowering your tax bill by $2,728 (22% of $12,400).
But, thanks to the CARES Act, if you also give $300 in charitable contributions to charity this year, you would be able to deduct that money as well, reducing your taxes by an additional $66.
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A few caveats with this. First, you have to give to a qualified public charity. Check on their website that you are giving to a 501(c)3 organization before you give. You can also check on the IRS website for a list of organizations you may be able to donate to.
Second, it has to be cash giving, so giving your old sweater to Goodwill unfortunately doesn't count. Third, if you give over $250 to an organization, you have to get a "written acknowledgement" of the gift. That just means you want to be sure to ask for a receipt when you send the money to the charity.
A lot of charities have been hit very hard because of COVID-19, and making sure that they have the resources available to continue to help people can be really important for the people who rely on the generosity of others.
With the CARES Act, you can help make sure that charities you believe in are able to continue their work while also saving yourself money come tax time. It might be time to speak with a financial advisor to set charitable goals for 2020 and 2021.
If interested in opening a charitable giving account, we recommend Fidelity Charitable. They can help identify private foundations and charities to support, as well as recommend grants. Over time you can grow your donor advised funds, tax free and look into donating stocks or donating with a credit card.Fidelity Charitable also provides a helpful charitable giving tax savings calculator.
Every time payday rolls around, I’m on top of the world. Jeff Bezos-level rich - even though I’m anything but. And then somehow the very next day, rent is due.
The cycle continues. The next payday, bills for my apartment. I find myself without a surplus of savings since I just moved and newly-furnished my apartment completely.
Even more terrifying is the looming presence of the holiday season. Halloween’s officially over and before we know it, hello Thanksgiving…and then there’s Hanukkah, Christmas, New Year’s. It’s insane.
I’ve been feeling very British lately. Not in a Union-Jack-obsessed, “Keep Calm and Carry-On” way. I went through that phase in 2012 with everyone else… no thank you. And it’s not even a surge of patriotism catalyzed by the Queen dying — I’m firmly team Diana and team Meghan.
Now that fall is officially here, the holidays will sweep in and I’ll have to contend with the fact that I won’t be spending them with my family in the UK. I went home to London earlier this year, so there’s not much left in my travel budget for another trip across the pond. A few domestic jaunts might be in my future, but the closest I’ll get to England this winter is watching Love Island and Love, Actually.
So in that spirit, I’ve been filling my days with content from my favorite Brits. I’m listening to all the old British rock bands I grew up listening to, patiently awaiting the new Arctic Monkeys album, and rewatching anything with Michaela Coel in it. I even shipped myself an order of British Baked Beans, so you know it’s dire.
I’ve also been watching British YouTubers like Grace Beverley — my favorite. Generally, I only go on YouTube to watch Vogue Beauty Secrets and AD Open Door videos. But I’m so glad I stumbled on Grace. Her content is a mix of London lifestyle (what lured me in), relatable entrepreneurship, and mindful productivity. I’m not a hustle-and-grind-girlboss, but as a creative person in a 9-to-5, I need all the help I can get to stay plugged in. So, the video “how to be really really really productive without getting overwhelmed” changed my approach to WFH.
Grace outlines her own productivity method: the to-do table. Instead of making a simple to-do list, she divides her tasks into a table that anyone can follow. As someone who’s survived with to-do lists for years, I recently implemented Grace’s method, and it’s revolutionized my workdays.
how to be really really really productive without getting overwhelmedwww.youtube.com
I follow her routine to a tee. Here’s how it works:
Essentially, she divides her daily responsibilities into four categories: quick ticks, tasks, projects, and non-negotiables.
- Quick Ticks: Actions that take less than 5-minutes
- Tasks: To-do’s that take up to 30-minutes. Probably don’t take too much brain energy.
- Projects: Long-term list items. These help guide your priorities, even if you’re not crossing them off in one day.
- Non-negotiables: Pick 3 things each day that you must get done. This is how you’ll truly measure success.
With everything written down and sorted, next address your schedule. Meetings, deadlines, and time blocks — whatever works best for you. Write it down. Then make a pact with yourself to stick to them.
This way of categorization provides a roadmap for prioritizing your day — making you far more productive. Have you ever spent the entire day on small tasks and then suddenly realized you hadn’t moved the needle on any task? Or do you spend way too much time on tasks that aren’t a priority? No more. With your non-negotiables laid out, you know what to laser-focus on and what to dedicate energy towards.
Also, it pays to know your working style. I’m not a morning person. Yet, I have to be up and at ‘em super early. So, first thing in the morning, I march through my Quick Ticks to warm me up. I set a time limit, so I can knock out some easy wins which is totally inspiring. Then I move on to bigger things without lingering on emails or admin. For others, it might be more helpful to tackle the big things with all that early-in-the-day brain power earlier.
Grace has great tips on avoiding overwhelm and burnout. My favorite is taking more intentional breaks rather than scrolling through social media. I call this scrolling “productive” because I’m “coming up with pitches.” Oh, the lies we tell ourselves. It’s more productive in the long run to giving my brain a break with non-screen related stimuli.
Grace’s solution? Set a timer to read a real, an actual book. I’ve never thought of this. It’s a genius way to check off some books on my TBR and kickstart my creativity. After reading a good book, I’m completely inspired to write. So having books near my desk helps me step away from the computer during my lunch break for an actual reset. (And yes, the current books I’m reading are by British authors: Assembly by Natasha Brown, and Love in Color: Mythical Tales from Around the World, Retold by Bolu Babalolu.)
In my pursuit of switching out my WFH set-up and getting my life together, I’ve engineered my workstation for success. With my new WFH essentials and Grace’s productivity technique, I’m revitalized for work — despite the fall blues and my melancholy about the pending holidays.
Here are the things getting me hyped for work and helping me crush my Grace Beverley-inspired to-do tables — no lists in sight:
Southwest Airlines Sale 2022
Pack your bags — Southwest Airlines is having a major sale! Fares are as low as $59 one-way if you book by October 3rd.
This end-of-summer super sale is a game-changer for your travel plans through the end of the year. Summertime travel gets all the glory. But why not take advantage of your long weekends, holidays, and PTO this fall. You’ll be surprised at how much travel you can fit in. Keep the fall/winter season exciting with domestic trips that give you all the excitement without breaking the bank. All thanks to Southwest.
Here’s the breakdown:
Where can you go?
You’ll find discounted tickets to and from most airports. Sale fares apply to cross country travel, and even Hawaii, Mexico, and the Caribbean! Whether you’re visiting a new city or revisiting your last beach vacation, this sale has fares to make your travel dreams come true.
What do the fares cover?
Southwest Airlines has multiple fare tiers, each with various benefits. Wanna Get Away fares start at $59, while Wanna Get Away Plus fares start at $89. You can also find great deals on Anytime fares, which offer priority boarding and express lanes. Then there’s Business Select tickets for a luxe experience at an affordable price point.
Do you have to be a Southwest Rapid Rewards member?
You may think these sale fares are too good to be true. Is there a catch? Do you have to be a Southwest Rapid Rewards member to access them? You’re in luck — anyone can attain these fares for a limited time.
But, insider tip, you should consider signing up for Southwest Rapid Rewards. With a free sign up, you earn points and miles with each trip you take. And with this sale, each dollar you spend on these discounted tix can stretch super far until you eventually earn free travel. The only thing better than a sale is free stuff.
So pack your bags and brace yourself for those chaotic airport lines. Everyone’s hopping on this deal so get on it. Don’t miss out — grab your sale tickets by October 3rd!
I’ve been browsing the Southwest Airlines site, checking out flights and dreaming.