Many companies featured on Money advertise with us. Opinions are our own, but compensation and in-depth research may determine where and how companies appear. Learn more about how we make money.
Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money.
Feeling the holiday spirit? Consider donating to charity, and you'll end up giving the best kind of present — one that benefits you, too.
The IRS has a special tax rule right now that allows Americans to deduct certain charitable donations on their 2021 taxes, lowering their tax liability and translating into savings. Single filers can deduct up to $300; married couples that file jointly can deduct up to $600. Crucially, you don't even have to itemize your taxes to claim it.