11 Mar An easy way to save on taxes while impacting your favorite charities
Did you know you can make a tax-deductible charitable donation even if you don’t itemize your deductions on your tax return?
In 2020, as part of the CARES Act, Congress approved a special, above-line tax deduction for cash gifts to qualified charities up to $300. That means even if you don’t itemize your taxes you can deduct up to $300.
There’s even better news for 2021! Congress has expanded this charitable deduction to $300 per individual, allowing you to double your potential deduction. If you are a married couple, you can deduct up to $600 per couple filing jointly in cash gifts to qualified charities.
Note: the above-line deduction is for gifts made directly to charities, like Atlanta RMHC. Gifts to donor advised funds and private foundations do not qualify for the above-line deduction.
There are even more ways to save on taxes while benefiting charities, such as gifting appreciated stocks or donating your required IRA withdrawal in 2021.
If you would like to gift appreciated stock to ARMHC and save on capital gains taxes while helping families with ill or injured children, or wish to explore other ways to give, please contact Marissa Greider, Senior Director of Major and Planned Gifts, at firstname.lastname@example.org or 678.704.8088 and visit armhc.org/legacy.
As always, we recommend you talk to your tax adviser about how these strategies could benefit you.