Get a charitable tax deduction benefit without itemizing!

11-07-2021Tax Information

Did you know you can make a $300 donation (or $600 for a married couple filing jointly) and get a tax deduction – even if you do not itemized your deductions?

The IRS has reminded taxpayers that a special tax provision will allow more Americans to deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return.  It is just for 2021.

Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their charitable contributions.  This was made possible through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted in March 2020 and the Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted last December, generally extended it through the end of 2021.

Cash contributions to most charitable organizations qualify. But contributions made either to supporting organizations or to establish or maintain a donor advised fund do not. Contributions carried forward from prior years do not qualify, nor do contributions to most private foundations and most cash contributions to charitable remainder trusts.