A new broadly available tax break of up to $1,000 will become available for those giving to a charity if they file on their own. Couples filing jointly may deduct $2,000 from their taxable income.
Articles on Charitable deduction
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In 2025, Congress will need to decide whether to extend the higher standard deduction, which has been in place since 2018.
The charitable deduction vanished for the 30 million taxpayers who stopped itemizing in 2018, the year the tax changes took effect.
Big changes would require an act of Congress but lawmakers have not stepped up. And there’s been pushback against new rules the IRS has proposed for these accounts reserved for giving.
The co-hosts of the ‘Taxes for the Masses’ podcast explain the upside and downside of all those credits and deductions.
A scholar of the laws governing tax-exempt groups explains why trustees showed James O'Keefe the door and what the consequences might be if their concerns prove to be accurate.
Giving $100 to a favorite charity costs less than that for the roughly 8.5% of Americans who use this tax break.
A new report found that America’s top billionaires paid very little income tax despite tremendous gains in their wealth.
This measure, included in a pandemic relief package, is supposed to encourage Americans to give more to nonprofits.
Public service journalism is more vital now than ever and should be given charitable status.
It may be easier to give money away when you budget for it.
New York, California and other high-tax states are angling to use the charitable deduction and state payroll taxes as workarounds to shield both their residents and their revenue.
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