Giving to charity? More taxpayers can deduct donations in 2021 under IRS pandemic rule – Daily Democrat

In a normal year — and no, we have not had one of those lately — only the small minority of those who itemize their tax returns can deduct charitable donations.

This year, however, most folks can get a break for giving money to charity whether they itemize or not.

The Internal Revenue Service joined with several nonprofit groups on Monday, Dec. 13, to get the word out about a special pandemic tax provision that can help the 85% of people who don’t itemize get a tax credit for their largesse.

The rules: You must give to a bona fide charity that has exempt status with the IRS. You can check whether the organization you want to give to qualifies at https://www.irs.gov/charities-non-profits/tax-exempt-organization-search.

Read more…

Leave a Reply

Your email address will not be published. Required fields are marked *