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How Bunching Might Save You Bunches (Mike Miller)

MoneyWise

Christian talk radio with Rob West

November 29, 2019

When's the best time to start income tax planning for next year? Would you believe ten months ago and that you're already behind the curve? No worries, there's still a simple way to make filing your next return less painful. It's called bunching, and with a little planning, tax experts say it could save you bunches by potentially reducing your tax burden. Today on MoneyWise, our host, Rob West, welcomes money expert, Mike Miller, to learn how to make the most of your deductions. The bunching deductions strategy enables taxpayers to group together deductions into a single year in order to surpass the itemization threshold. You could opt to pre-pay next year's charitable contributions or property taxes by putting it on your credit card in December and pay it off in January or February. This will help to bunch deductions into one year. Donor advised funds (DAF) can also be used. The National Christian Foundation can help at www.ncfgiving.com. In today's show we also answer your questions: -I just started off in full-time ministry and have heard that you can opt out of Social Security for moral reasons. What do you think? -I have a problem with raccoons! They're tearing up my roof! It's going to cost as much as $9,000 to repair it. My credit is not good and I have no equity in my house. Can I take out a home equity loan to pay for this? What other options do I have? To ask your questions, call (800) 525-7000 or email them at [email protected] Also, visit our website, moneywise.org, where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! And remember that it's your prayerful and financial support that keeps MoneyWise on the air. You can help us continue this outreach by clicking the Donate tab at the top of the page.

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