Susan Tompor | USA Today | Dec 8th, 2021
Category: Financial News
Charitable giving during the holiday season this year takes on a new, happier meaning when it comes to tax deductions.
Typically, most people aren't able to get a tax break when they donate money to a charity if they're claiming the standard deduction on their federal income tax returns. And nearly 9 out of 10 taxpayers are taking that standard deduction these days.
Yet pandemic relief in Congress created a special but temporary break for giving money to a qualified charity that applies to people who do not itemize.
A married couple taking the standard deduction is allowed to claim up to $600 for cash contributions made to qualifying charities in 2021, if filing a joint return. It's a temporary break, which is set to expire on Jan. 1.