In December, Congress passed a new COVID-19 relief bill that extends many of the tax provisions included in the CARES Act. Formally signed into law on Dec. 27, the Consolidated Appropriations Act temporarily extends important charitable contribution deductions:
Individuals may deduct up to $300 for cash contributions to qualifying public charities in 2021, and married couples filing jointly may deduct up to $600.
Individuals can offset the full amount of their adjusted gross income with charitable deductions for cash gifts made in 2021. Corporations may also deduct up to 25% of their taxable income.
Note: While these provisions do not include gifts to donor-advised funds, they do apply to all other charitable fund types we offer, including designated, scholarship and field-of-interest funds.
As always, we’re available to answer your questions about philanthropy or to schedule a personal consultation with you and your advisors – all at no cost. To learn more about how you can take advantage of these giving opportunities, please contact Margaret Medzie at 330-436-5610 or mmedzie@akroncf.org
