I’m Shelly Dambman from the Lanark Area Community Foundation. This Blog article will explain charitable contributions and how to get an extra deduction on your tax return.
The 2020 CARES Act allowed a $300.00 cash contribution deduction for people that do not itemize on their tax return. In 2021 the CARES act has been extended to allow $300.00 for individuals and also allows a $600.00 deduction for couples filing jointly. Therefore, when you file your tax return a single person in a 22% tax bracket can save $66.00 and a couple filing jointly in a 32% tax bracket can save $192.00!
For those of you that do itemize on your tax return, the CARES Act extension allows for charitable deductions of up to 100% of your adjusted gross income. Furthermore, corporations can deduct charitable gifts up to 25% of taxable income, this makes giving through the corporate match program at work even more beneficial this year!
Keep in mind that these cash contributions need to made by December 31st, 2021.
If you aren’t sure what causes to support, the Lanark Area Community Foundation offers many options for you to help build a strong community. You can learn more about all of our fund by checking out our funds page. Your donation can even be done online in a matter of minutes by clicking here.
Our ambassadors are here to help you with whatever type of gift you choose to make. You can contact us online at lanarkfoundation.org or Shelly Dambman at 815-493-8792.