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Home Market Research Markets

2 New Tax Breaks for Donations Will Soon Be Available to Everyone

by TheAdviserMagazine
5 months ago
in Markets
Reading Time: 1 min read
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2 New Tax Breaks for Donations Will Soon Be Available to Everyone
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fizkes / Shutterstock.com

For years, many people who donate to charity or give a tithe to their place of worship have been unable to deduct it on their tax returns. That’s because the federal income tax deduction for charitable contributions is an itemized deduction. So it’s only available to people who itemize their taxes, not those who claim the standard deduction — which is now a vast majority of taxpayers.



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