Usually, donations to non-profit organizations can only be deducted if an individual or couple itemizes their tax deductions. In 2020, the IRS waived this requirement and allowed a certain amount of charitable contributions to be deducted for those who take the standard deduction. The IRS has extended this option for the 2021 income tax year. While we know few people make such contributions only for the potential tax benefit, we are always glad to see generous people receive a reward for their giving.
Blog: Information & Insights
The team at Davis Financial Planning in Asheville, NC shares information and insights across investments, retirement, savings, and other financial topics.