In 2020 and 2021, you could deduct up to $300 for cash donations to charity without itemizing. This came under the standard deduction. It didn’t apply to those who itemized, but at least you could take a deduction without pulling out Schedule A.
But that charitable standard deduction wasn’t extended past 2021. So that leaves you to itemize deductions for charitable donations. But what types of contributions work best for deductions, and how can you give and save money?
Donate Non-Cash Assets
It’s the end of the year, and you want to make a charitable contribution to offset your taxes. If you have non-cash assets, you may be tempted to sell some and donate them to a worthy charity. But there’s a better way to do this….