With holiday and end of year charitable giving season upon us, here’s a rundown of information you will need. Two COVID-era charitable benefits have expired The CARES Act permitted taxpayers …
The CARES Act permitted taxpayers who claim the standard deduction to get a deduction on their 2020 and 2021 returns for cash contributions of $300 they made to qualifying charitable organizations. It also allowed for a larger deduction for itemizers. Those two features are gone for 2022 and the rules revert back to what they were pre-pandemic.To receive a tax benefit for giving in 2022, you must itemize your deductions.
Only about 10% of tax filers itemize, which means that most people who give to charity are doing so for altruistic purposes, not for tax savings. You can try to “bunch” deductions into a single year to push you above the threshold, in which case you should accelerate charitable giving for that particular year.
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