“People should take advantage of it and hurry, because it expires in 30 days,” said Mark Steber, chief tax officer at Jackson Hewitt. “This is a benefit most people can take because, I would say, north of 80% to 90% of people take the standard deduction.” Up to $300 in cash contributions made to qualifying tax-exempt organizations can be deducted if taxpayers are taking the standard deduction on their returns. Usually, filers are only allowed to write off charitable donations if they itemize their deductions, instead of using the simpler and far more popular standard deduction. That $300 translates into 2021 tax savings by lowering a taxpayer’s adjusted gross income and taxable income. Married couples filing jointly can deduct up to $600, the IRS said. Have a question, comment, or story to share? You can reach Medora at medoralee@thebalance.com.
