Taxpayers eyeing a year-end charitable donation may take advantage of a special write-off for cash gifts in 2021, even if they don’t itemize deductions on their federal tax return.
For 2021, single filers may claim a tax break for cash donations up to $300 and married couples may get up to $600, according to the IRS, an extended coronavirus relief measure from 2020.
Since most Americans don’t have enough itemized write-offs to exceed the standard deduction, it’s been difficult to claim the charitable deduction, Harris explained, but the 2021 extension may offer a “nice tax break” for non-itemizers.
Thank you for checking out our blog. Please share your comments or questions about this post below or at info@cashaccountantsinc.com. Also, please share this post using the social media buttons.
I have buy yarn near me in New York