Most doctors are charitably inclined and do much of their giving near year-end. Below are five ways you can benefit the charities you care about most, while maximizing your tax savings.

1. Bunch several years of charitable gifts into this year – You can deduct charitable contributions only if the total of your itemized deductions (charitable contributions + home mortgage interest + up to $10,000 in state and local taxes) exceeds your standard deduction otherwise allowed ($13,850 single/$27,700 married). Thanks to the $10,000 cap on state and local taxes, you may save more by claiming the standard deduction. However, by accelerating several years of charitable gifts into this year, you can increase your tax savings by itemizing those deductions this year, then taking the standard deduction in future years if your total itemized deductions fall below that level ($14,600 single/$29,200 married in 2024). For example, we often recommend bunching five years of charitable gifts into the year you sell your practice, or making a large Roth IRA conversion, to maximize the tax savings when your income is highest.