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BBB includes tax break on charitable contributions

Posted on 7/3/25 at 6:43 pm
Posted by bigjoe1
Member since Jan 2024
1415 posts
Posted on 7/3/25 at 6:43 pm
quote:

The new law also includes a throwback: an above-the-line deduction on charitable contributions.

The bill allows taxpayers who don’t itemize to deduct up to $1,000 for single filers and $2,000 for married couples filing jointly.
quote:

Most people don’t currently deduct charitable contributions — and it’s not because they’re not generous or don’t want a tax break. Other than under the Covid-19 relief bill, taxpayers generally have had to itemize deductions in order to get a break for charitable giving.

For most people, that doesn’t make sense. Some 9 in 10 taxpayers take the standard deduction, which in 2025 is $15,000 for single filers and $30,000 for joint filers. You’d typically only itemize if the sum of your deductions would save you more money than just taking the standard deduction.

In short, the new law allows anyone who donates to charity to get a tax break — not just the mega-philanthropists among us.
CNBC
Posted by Rize
Spring Texas
Member since Sep 2011
18587 posts
Posted on 7/3/25 at 6:55 pm to
So much winning! I’m loving this.
Posted by Hateradedrink
Member since May 2023
3914 posts
Posted on 7/4/25 at 7:53 am to
football ticket “donations” just went up $500
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