Cathy Marshall
I give $30K to charities each year. What happens with my tax return?
By Karin Price Mueller | NJMoneyHelp.com for NJ.com Q. We give to about 35 to 40 organizations during the year. How has the tax law changed? Can we still itemize? We historically give about $25,000 to $30,000 to the charities, including our churches, each year. —Givers A. You’re very generous. The 2017 Tax Cuts and Jobs Act made some significant changes to how you file your taxes. Because the standard deduction was raised, fewer people itemize. For 2021, the standard deductio
Cathy Marshall
Do income tax brackets go up with inflation?
By Karin Price Mueller | NJMoneyHelp.com for NJ.com Q. We all have seen that prices are going up due to inflation and wages may eventually follow. But are income tax brackets at the federal and state level automatically adjusted upward by the Consumer Price Index (CPI) to keep the government from automatically collecting a larger percentage of the pay? And what about the retirement income cliff of $100,000? Is that adjusted? — Taxed enough A. You’re correct that inflation is