Every gift helps. Here’s how…
$20 helps cover the suggested nightly donation for a family
$50 helps provide free care to a child on the Care Mobile
$95 helps cover the entire cost of a night stay of a family
$250 helps us keep a stocked pantry for a week – free for our families to use
$720 helps us provide three night stays for a family each month
$1,200 helps provide sixty night stays for families a year
CARES ACT TAX INCENTIVES EXTENDED—WITH A SMALL BOOST
A couple of key provisions of the CARES (Coronavirus Aid, Relief, and Economic Security) Act were extended into the new year (and, in one case, increased). Here’s what the new stimulus package means for you in 2021.
TAX INCENTIVES WHEN YOU GIVE TO CHARITY
An expansion of the universal charitable deduction for cash gifts
The universal charitable deduction has not only been extended but given a well-deserved upgrade. The new deduction is $300 for single filers and $600 for married couples filing jointly. This is available to taxpayers who take the standard deduction. This tax incentive is available for cash gifts to qualified charities (but not to supporting organizations or donor advised funds).
An extension of the cap on deductions for cash contributions
Contributions to public charities are generally limited to a percentage of a taxpayer’s adjusted gross income (AGI). The CARES Act lifted the cap on annual contributions for those who itemize, increasing it from 60% to 100% of AGI for 2020 (and now for 2021). Any excess contributions available can be carried over to the next five years. (For corporations, the law raised the annual limit from 10% to 25% of taxable income.)
We can help!
Contact Amy Rayman at email@example.com to learn more about the renewed and expanded tax incentives for 2021.