Maximize Your 2021 Gift to the Foundation - Charitable Giving Benefits under CARES Act Extended
The CARES Act expanded the deductibility of charitable contributions, and in 2021 many provisions were expanded making this year a favorable time to support the ASCRS Foundation.
Individual taxpayers who take the standard deduction may deduct charitable gifts up to $300 and married couples who file joint returns can deduct charitable gifts up to $600. Individual taxpayers who itemize their deductions may now deduct certain charitable contributions up to 100% of the taxpayers adjusted gross income. Prior to the CARES Act, taxpayers were limited to deducting 60% of the taxpayer’s adjusted income. Individual taxpayers can continue to carry forward any excess charitable contributions for five years, but the enhanced 100% deduction limitation is set to expire after 2021. In 2021, corporations may deduct charitable gifts up to 25% of the corporation’s taxable income (increased from 10%).
This information does not constitute legal or financial advice and restrictions apply. Consult your tax, legal or financial advisor and obtain professional counsel of an attorney to assist you in making a gift.