The Twelve Days of Taxmas – Expanded Charitable Donation
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden rings, we’re focused on providing important tax insights through “The Twelve Days of Taxmas” blog series that could help minimize your tax liability.
On the first day of Taxmas, my accountant gave to me an expanded charitable donation deduction.
Taxpayers who do not itemize can take advantage of the charitable donation deduction – those filing single or married filing separately can claim a deduction of up to $300 for cash contributions. Married individuals filing joint returns can deduct up to $600 of cash contributions on their 2021 tax returns.
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For additional information on the expanded charitable donation deduction or to learn more about how Klatzkin can help with another tax-related issue, click here to contact us. We look forward to speaking with you soon.
©2021 Klatzkin & Company LLP. The above represents our best understanding and interpretation of the material covered as of this post’s date and should not be construed as accounting, tax, or financial advice. Please consult your tax advisor concerning your specific situation.