Tips on how to Decrease Your Tax Invoice With the Charitable-Donation Deduction

Are fewer taxpayers deducting charitable contributions than previously?

Sure. The 2017 tax overhaul dramatically decreased the variety of filers deducting charitable donations. Whereas it didn’t restrict them outright, it expanded the usual deduction in order that far fewer taxpayers itemize these deductions on Schedule A.

The variety of taxpayers itemizing charitable donations dropped to about 12 million in 2021 from about 37 million in 2017, based on the newest knowledge from the Inner Income Service. In the course of the pandemic, Congress briefly expanded tax deductions for very massive and really small charitable donations, however these modifications expired on the finish of 2021.