2 Charitable Tax Breaks Have Been Extended for 2021!
Congress extended the CARES Act to offer charitable-giving incentives through this new calendar year. What does this mean for donors?
More people can take a charitable deduction in 2021
Taxpayers who do not itemize their tax deductions — meaning they instead take the standard deduction, a flat amount — can take a deduction of up to $300 for monetary donations made to qualifying nonprofit organizations in 2021. Married couples who file a joint tax return can take a $600 deduction.
The cap on deductible donations is suspended for 2021
Taxpayers who do itemize their deductions are not subject to any caps on the amount of donations they can deduct in 2021.
*Consult a tax advisor for specific questions.