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GENEROUS 2021 TAX BENEFITS FOR CHARITABLE GIVING
In 2020, Congress passed the Coronavirus Aid, Relief and Economic Recovery (CARES) Act in order to protect citizens from the economic consequences of the COVID-19 pandemic.
Among other things, the CARES Act allows people to include “above-the-line” charitable deductions up to $300 for those who do not itemize their tax expenses.
This generous benefit has fortunately been extended through 2021 and made even better for those filing jointly. For individuals that don’t itemize, you can still deduct up to $300 for charitable contributions made in 2021, and for those filing jointly, you can now deduct up to $600 or $300 for each person.
If you do itemize, you can’t claim the $300 deduction–but this year, there is a new provision just for you: you can now take a deduction for charitable contributions up to 100% of your adjusted gross income (up from 20-60% of AGI in prior years).
Remember that these benefits only apply to gifts made in 2021 to qualified charitable organizations like Dyslexia Advocacy Action Group. You can check the status of a charity on the IRS.gov website.