Assume that it is December 31, and that Jake is considering making a $1,000 charitable contribution. Jake
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Assume that it is December 31, and that Jake is considering making a $1,000 charitable contribution. Jake currently is in the 37%, tax bracket, but expects that his tax bracket will be 24%, next year. How much more will the deduction for the contribution be worth if it is made today compared to next year?
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The 1000 deduction on this years return will save taxes of 370 037 x 1000 compared to ...View the full answer
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Related Book For 
Federal Taxation 2019 Individuals
ISBN: 9780134739670
32nd Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson
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