Due to the new 2018 tax reform the majority of people will take the standard deduction and very few people will benefit from itemizing.
Reasons for this:
1. The standard deduction has almost doubled ($24K for married, $12K for single) since last year
2. You are limited to deducting only $10K ($5K if single) of state & local income & property taxes (major blow to those living in states like CA, NY, NJ, and DC)
1. The standard deduction has almost doubled ($24K for married, $12K for single) since last year
2. You are limited to deducting only $10K ($5K if single) of state & local income & property taxes (major blow to those living in states like CA, NY, NJ, and DC)
3. Many itemized deductions have been eliminated, which primarily leaves mortgage interest and charitable contributions to make up the remaining $14,000+ of deductions to make itemizing worth it
What can you do to make the most of your deductions?
What can you do to make the most of your deductions?
Try "bunching" your charitable contributions over a 2-3 year span into one year and maximize your itemized deductions. This doesn't mean that you should make a huge donation this year and then not make any donations for 2-3 years.
Instead, I recommend setting up a donor-advised fund. By contributing to a donor-advised fund, you can get the full charitable deduction this year, but can contribute to charities over multiple years.
Another upside? You can contribute crypto to a donor-advised fund and get a deduction equal to the FMV of the coins and completely avoid taxes on your gains. (You can also continue investing your coins inside the the fund and potentially grow your contribution tax free!)
With a little bit of tax planning you can maximize both your charitable contributions and your tax deductions! You're welcome :)
If you're confused, here's an example from @Fidelity that should help clear things up. Make your money, your crypto, and your contributions go further! 
