After charities experienced a gangbuster year in 2021 with record donations, philanthropic experts say that charitable giving is likely to plateau or decline this year after the stock market's prolonged downturn.
Even though the generosity of Americans may be diminished somewhat by the market's misfortunes this year, an increasingly popular tool for maximizing the tax benefits from charitable deductions is still attracting interest.
The number of donor-advised funds (DAFs), the charitable vehicles sometimes referred to as a "poor man's foundation," has nearly tripled to 1.3 million since Congress approved the Tax Cuts and Jobs Act in 2017, which dramatically reduced the need for many taxpayers to itemize their annual returns.
