The CARES Act has been extended through 2021. This provides an expansion of the universal charitable deduction for cash gifts allowing taxpayers who take the standard deduction to take a charitable deducation of up to $300 for single filers and $600 for those filing jointly.

For those who do itemize their deductions, this extends the cap on cash contributions to qualified charities (such as the Michigan 4-H Foundation) from 60% to 100% of your adjusted gross income for the 2021 calendar year.

To explore this option further, contact Carrie Horstman at by e-mail at greenca5@msu.edu.

Consulting with personal legal counsel and/or a tax adviser for definitive assessment of the tax benefits of and limitations on planned gifts is also recommended.