Taxpayers May See the Return of a Popular but Bygone Tax Deduction
March 9, 2023
Taxpayers may see the return of a popular but bygone tax deduction. A bipartisan group of 11 U.S. Senators seeks to expand and extend the expired deduction for charitable donations for non-itemizing taxpayers. Senate Finance Committee members James Lankford (R-OK) and Christopher Coons (D-DE) have introduced the Charitable Act. If passed, this bill would allow non-itemizers to deduct charitable donations up to about $4,500 for single filers and about $9,000 for married joint filers (roughly one-third of the standard deduction in both cases). The bill’s cosponsor, Sen. Jeanne Shaheen (D-NH), said these tax incentives encourage Americans to better support their “cherished causes.” Stay tuned.
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