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.
Get More Articles Like This in Your Inbox
Sign up for our email newsletter and get the latest news sent straight to you.
Share this article:
Questions? Need assistance? We can help!