If you’re planning to donate to charity on Giving Tuesday, it can be tricky to claim a deduction on your taxes, experts say.
Americans funneled an estimated $3.1 billion to their favorite organizations in 2022, a 15% increase from 2021, according to GivingTuesday.
While tax breaks generally aren’t the main reason for giving, a higher standard deduction has made charitable tax breaks harder to claim. Still, certain giving strategies offer more savings than others, experts say.