You can deduct up to 60% of your adjusted gross income for charitable contributions if you itemize your taxes. All gifts need to be mailed or otherwise delivered by December 31 to qualify for tax-deductibility for 2024. Contributions that exceed the max amounts can carry over to the next tax year. Remember, the higher your tax bracket, the more you save.

Federal tax laws and those of many states make it possible to reduce or eliminate taxes on funds you give for charitable purposes. For example, because funds used to make charitable gifts are deducted from the amount otherwise subject to federal income tax when you itemize your deductions, you may be able to give more than you thought possible. The amount and timing of your charitable gifts are totally within your control. This is why millions of Americans each year take advantage of the opportunity to make charitable gifts while also reducing their tax liability.