Can I Reduce My Taxes by Giving to Charity Before Year-End?

Yes — but only if you itemize deductions, which means your total deductions must exceed the standard deduction ($14,600 single / $29,200 married for 2024). A popular strategy is "bunching" — combining two or more years of donations into one calendar year to push over the standard deduction threshold, then donating less the following year. A donor-advised fund (DAF) lets you contribute a large amount in one year, take the immediate deduction, and distribute grants to charities over time. Donating appreciated stock directly to a charity avoids capital gains tax and still generates a deduction for the full market value. Charitable giving after year-end won't help your current year's taxes.