In the wake of the 2023 IRS updates due to inflation and personal changes, it's crucial to revisit your tax strategy and understand how you can maximize your charitable contributions. This is where Daffy comes in as an excellent option for a Donor-Advised Fund (DAF). For the 2023 tax year, you can deduct up to 60% of your adjusted gross income (AGI) through charitable deductions. This is a significant portion of your income that can be directed towards the causes and organizations you care about. But the benefits of charitable deductions don't stop at cash donations. You can also deduct donations of property, such as clothing or household goods. Moreover, you can donate appreciated assets, such as stocks, ETFs, or mutual funds. This allows you to avoid paying capital gains tax on the appreciation and still receive a tax deduction for the full value of the asset. The limit for deducting charitable donations of appreciated assets is 30% of your AGI. Daffy makes it easy to start giving and saving more. With Daffy, you can manage your charitable giving efficiently and effectively, maximizing your impact and your tax savings. The standard deduction has also increased for all filing classes in 2023. For single filers, the standard deduction has increased from $12,950 in 2022 to $13,850 in 2023. For married individuals filing jointly, the standard deduction has increased from $25,900 in 2022 to $27,700 in 2023. While increased standard deductions mean lower taxable income for many taxpayers, it also means you must surpass a higher threshold to itemize your deductions. However, with Daffy, you can strategically plan your charitable giving to maximize your deductions and your impact. In conclusion, Daffy is a great option for a DAF, helping you navigate the latest IRS tax updates and maximize your charitable contributions. With Daffy, you can make a significant impact on the causes you care about while also maximizing your tax savings.