The 2022 IRS standard deductions are as follows:
• married with both spouses under 65 $25,900
• married with both spouses over 65 $28,700
• single under 65 $12,950
• single over 65 $14,700
(Source: IRS Rev. Proc. 2021-45, p. 14)
We offer this information as you consider whether to give to Wisconsin Family Council or Wisconsin Family Action. While gifts to WFC are tax-deductible, gifts to WFA are far more flexible. For instance, WFA can give WFC money at any time for any reason; but WFC basically cannot give WFA money.
We have found that some people are astounded when they hear how high the standard deduction is and have changed their minds about which organization they invest in. Of course, we are incredibly grateful for gifts of any size to either organization. But sometimes with information, people make different decisions.
Please note: We are not offering tax advice; we are simply making you aware of some charitable giving basics. Checking with your tax advisor or CPA is the very best way to ensure you are making the very best decision for you. Our purpose in making this information available is simply to be sure you are aware of current opportunities as you seek to be a good steward of the resources God has given you.