For this year only, however, legitimate charitable donations of up to $300 per individual, or $600 per couple, may be deducted from the taxpayer’s income simply by reporting the donation on the taxpayer’s electronic 1040 form.
The deduction lowers both adjusted gross income and taxable income — generating tax savings for those making donations to qualifying tax-exempt organizations.
“Over the past two years, charities have helped America confront generational health, economic and social crises. They have answered the call to serve their communities despite facing lost revenue, disrupted operations and dramatically increased need,” said Daniel J. Cardinali, president and CEO of Independent Sector.
“Congress has sent a powerful message that everyone — not just those who itemize on their taxes — has a role to play in helping meet this moment, and we know people in America will respond in kind. We hope charitable contributions and deductions will increase in the coming years.”
The IRS is reminding taxpayers that to receive a deduction they must donate to a qualified charity and should keep a record of their donation, such as an…