
New charitable giving tax deduction worth up to $2,000 is coming soon, and you don’t have to itemize
Millions of taxpayers will soon benefit from a new above-the-line tax deduction worth up to $2,000 for qualified charitable contributions.
Andrea Coombes, a tax editor at Bankrate, translates complex personal finance topics into understandable language that helps people live their best financial lives. She’s a CERTIFIED FINANCIAL PLANNER™ and over the past 25 years has worked as a financial coach, personal finance writer and editor, and volunteer tax preparer.
Her work has been published in The Wall Street Journal, USA Today, MarketWatch and many newspapers nationwide. She's been interviewed on local and national TV and radio, including NPR's All Things Considered, CBS News, NASDAQ and Marketplace.
Andrea has moderated panels on how to invest for retirement, how to use 529 college savings plans and more, and she's an experienced personal-finance speaker who has presented to groups on a variety of topics such as how to budget, improve credit, manage debt, and build savings. She's also worked as a personal financial coach and certified consumer credit counselor, helping people reach their goals. For two tax seasons, she worked a volunteer tax preparer.
A lot of people are nervous about doing their taxes, and about managing their money in general. I'm here to say: It's not rocket science. There are small steps each of us can take to slowly start moving towards our long-term goals. We can do this, people.
— Andrea Coombes, CFP®
Under the sweeping new tax law, timing is everything. Here are five new tax breaks that won’t last long.
The new tax law makes substantial changes for the 2025 tax year. Here are 6 new tax provisions that could help you save on taxes this year.
The new tax law hiked the SALT deduction cap to $40,000. That’s good news for taxpayers in high tax states, but it’s a temporary boost.
The valuable electric vehicle tax credit for new and used EVs is set to end after September. Here’s how these credits work and who qualifies.
In a progressive tax system like ours, more than one tax rate applies to your income. Your marginal rate is your top tax rate.
If you’re self-employed, you’ll need to make estimated tax payments. Here’s how to figure out how much you owe and when it’s due.
Excise taxes apply only to specific products. They may be charged either as a percentage of a sale or on a per-unit basis.
If you want to trim your 2025 tax bill, now is the time to take steps to reduce your taxable income.