Increased Limit for 2021 Charitable Donation Tax Deductions
Only Two More Days!
For the second year in a row, the IRS has temporarily suspended limits on charitable deductions to qualified organizations – which allows you to give to non-profits and to save more money on your taxes.
For non-itemizers, you can deduct an extra $300 over the standard deduction.
For itemizers, you can deduct up to 100% of your AGI if you feel so generous.
The extension of these benefits from the CARES Act stimulus package is intended to encourage donations to the many non-profits helping people through COVID and those which have had declining donations during the pandemic.
Note that this applies to federal taxes; state laws may vary. It is always wise to review your personal situation with a quick call to your tax preparer or attorney.
For more details, see the IRS website link: https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions
Please note: This document does not constitute legal advice. Please consult an attorney for legal advice on what to do in a particular situation.