Special Charitable Deduction
Mesa Money Minute
English - December 07, 2021 15:00 - 1 minute - 1.03 MBInvesting Business finance business financial money accounting tax taxes accountant investing cpa Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed
December is a time for giving! Many individuals make most of their charitable contributions in December. Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their charitable contributions. But a temporary law change now permits them to claim a limited deduction on their 2021 federal income tax return for cash contributions made to qualifying charitable organizations. Nearly nine in 10 taxpayers now take the standard deduction and could potentially qualify. Under this provision, individual tax filers, can claim a deduction of up to $300 for cash contributions made to qualifying charities in 2021. The maximum deduction is $600 for married individuals filing joint returns. Remember, these need to be cash contributions, not donations of items. You must complete the donation by December 31st to qualify!
Link to IRS News Release