What You Need to Know About Making Charitable Gifts in 2021 (1)

Last year, charitable donations in the U.S. totaled $471 billion, a 5.1% increase from the previous year. This, despite—or maybe because of—the pandemic and associated preventative measures had forced many folks out of work. More than two-thirds of giving—or $324 billion—came from individuals.

Individual taxpayers have reached into their pockets more often lately, with gifts increasing in five of the last six years. It’s a surprising—and encouraging—trend, considering that the tax incentive for charitable giving had been reduced for some taxpayers with the doubling of the standard deduction as of 2018.

If you’re considering making a year-end gift, here ...