Samuel has itemized deductions greater than $12,400 for 2020, which is enough to itemize. Samuel's effective tax rate is 21% and his marginal tax rate is 32% in 2020 and 2021. If Samuel accelerates an anticipated charitable contribution of $4,000 by paying it December 31, 2020, rather than February 1, 2021, Samuel will be able to claim the standard deduction in 2021 because the other itemized deductions in 2021 are estimated to be $10,000.

Is this a good idea? Explain. How much is Samuels after-tax gain by doing this?

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