Make more of a difference in 2021
Here at the Community Foundation, we are your local resource for philanthropy. We stay up to date on the latest trends and changes to charitable tax laws. Our mission is to help individuals like you give to matters you care most about, whether local or beyond.
There is good news for donors and charities, as congress passed a tax packaged at the end of 2020, enhancing charitable giving for 2021. Congress extended and heightened the above the line deduction for gifts of cash to charities of up to $300 for individuals and up to $600 for joint filers. For taxpayers who do not itemize their deductions, there is no cap on the amount of cash donations they can deduct in 2021. In other words, before last year, donors could donate up to 60% of their adjusted gross income (AGI), that limit has been temporarily suspended.
Also, take advantage of giving through a Gift Account or a Donor Advised Fund held here at the Foundation. These giving vehicles continue to be popular. Donors can take an immediate tax deduction for any contribution simplifying their taxes. Also, we accept a variety of financial assets, such as stock. A stock gift allows a donor to side step paying capital gains and take a higher charitable deduction. So, let us help you give in a more tax-efficient way.
It’s never too late to start making more of difference, so contact us today.
Please note: contact your professional advisors to determine what strategy is best for your tax situation.