Tax incentives extended for 2021
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 email@example.com.
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.