Even if you take the standard deduction and you don’t itemize your taxes, you may still qualify for a federal income tax deduction for cash charitable contributions. Eligible donors can deduct up to $1,000 if filing individually or up to $2,000, if married filing jointly, subject to IRS rules.

Some restrictions may apply but for many of us, this “above the line” deduction means we get more back for our giving, as taxable income is reduced before adjusted gross income is calculated.

With the average household giving around $1,800 a year to charity, this new deduction is a win-win for nonprofits and donors alike!

p.s. In November, supporting your local NCCF affiliate community foundation through our annual matching gift campaign is one way you can take advantage of this benefit and invest in the future of your community. Learn more about the Giving Campaign.

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. As always, consult your professional tax advisor to determine how these rules apply to your individual circumstances.