Americans opened their hearts and wallets for another record-breaking Giving Tuesday. It’s estimated that 35 million U.S. adults participated in 2021, with total gifts of $2.7 billion, a 9% increase from 2020.
While most aren’t shelling out for tax purposes, they may not know there’s a special write-off for their generosity, even if they don’t itemize deductions on their federal return.
In response to the Covid-19 pandemic, Congress gave charities a boost in 2020 by offering Americans a tax incentive for cash gifts. Lawmakers extended the write-off for 2021.
Single filers can claim a deduction for cash donations up to $300 and married couples filing together may get up to $600 in 2021.
Americans donated $2.7 billion on ‘Giving Tuesday.’ Here’s how donors can score a write-off if they don’t itemize deductions
- by: Kate Dore
- 12-04-2021
- Source:
CNBC
- 12/06/2021
Close-up of a woman using her smartphone while having coffee. by Nenad Stojkovic is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)
Close-up of a woman using her smartphone while having coffee. by Nenad Stojkovic is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)
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