Thursday, September 19, 2024 | Baltimore, MD
Baltimore, MD
82°
Partly Cloudy
FOLLOW US:

Weston: Make the most of new federal tax rules for charitable giving

December 12, 2022
person holding fan of 100 us dollar bill

Most people no longer get a tax deduction when they donate to charity. That shouldn’t keep you from making donations, but you may want to change your approach. Typically, only taxpayers who itemize deductions can write off charitable contributions. The vast majority of taxpayers instead take the standard deduction, which was nearly doubled by the Tax Cuts and Jobs Act of 2017. (Temporary provisions in pandemic relief legislation allowed taxpayers to deduct $300 of their donations in 2020 and 2021 without itemizing, but those provisions have expired.)

Article Source: The Daily Record

The Morning Rundown

We’re staying up to the minute on the issues shaping the future. Join us on the newsletter of choice for Maryland politicos and business leaders. It’s always free to join and never a hassle to leave. See you on the inside.