Did you know your donations can mean more for your taxes than they used to?
For tax year 2021, according to the The CARES Act extension, for those who do not itemize deductions, individuals can deduct up to $300 of qualified charitable contributions, and those filing jointly can deduct up to $600 of qualified charitable contributions in addition to the standard deduction.
For corporate donors, the adjusted gross income limit for charitable cash contributions remains increased as well. In 2021, corporations can deduct up to 25 percent of taxable income (formerly 10 percent prior to the CARES Act).
Please consult your tax professional for advice should you have questions.
|