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The deadline for tax-deductible donations for the 2023 tax period is Dec. 31, 2023.
The Tax Cuts and Jobs Act of 2017 trimmed tax rates and significantly boosted the standard deduction, thus greatly reducing the number of taxpayers eligible to benefit from charitable deductions.
To decipher the tax impact of charitable donations, ... The 2023 standard deduction is $13,850 for single filers, $27,700 for joint filers or $20,800 for heads of household. People 65 or older may ...
If a donor is contributing property that would have yielded a long-term capital gain in a sale, then the deduction for the contribution is limited to 30% of donor's adjusted gross income in the year of donation if the donee is a public charity, and limited to 20% if the donee is a private foundation. Contributions over the respective AGI ...
In this scenario, your total charitable donations would need to be more than the 2022 thresholds for standard deductions, which are $25,900 for couples filing jointly, $12,950 for single filers or ...
For taxpayers this year filing their 2022 tax returns, any charitable contributions must be itemized using the Schedule A form to get a deduction. That’s a big change from the last two years ...