2021 Charitable Deductions
2021 Charitable Deductions
As the end of the 2021 tax year is approaching, a reminder for those individual taxpayers NOT itemizing their deductions, a charitable contribution deduction in addition to their standard deduction of up to $300 for single, head of household, or married filing separate filers is available. For married filing joint filers, the maximum deduction is increased to $600.
For those individual taxpayers who itemize their deductions, the 100% AGI offset on eligible contributions is still in place for the 2021 tax year.
As a reminder, both of these charitable deductions must be in cash or cash equivalent (i.e., credit card, debit card, or check) and must be to a recognized US 501(c)(3) charitable organization. Cash contributions carried forward from prior years or donations to a donor-advised fund are not eligible for this “above-the-line” deduction.
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