The New Nonprofit Tax Laws for Dummies, Part 1

Two choices given were these: either you can take a set, static amount like $5 out every time she comes around, or by doing specific chores, you earn the ability to take away another dollar, which stacks. If you don’t have a lot of tasks to do or just can’t be bothered to do extra work, then it’s a no-brainer to choose the former—the standard deduction. If you think you can rack up enough things to do, then the latter is the obvious choice —the itemized deduction.

Bringing it back to our contemporary situation, those who would have taken the first choice can rejoice—the new tax bill massively increased the standard deduction, nearly doubling the amount that one can deduct across the board.

Stay tuned for part 2...