2020–2021 brought a once in a generation opportunity for charitable giving. With donors needed now more than ever, key provisions of the CARES Act have been extended to encourage charitable giving by improving tax incentives through 2021.
What does this mean for you?
|If you itemize…||If you use the standard deduction…||For an extra boost…|
|Previous limits on tax deductions for cash gifts—at 60% of adjusted gross income (AGI)—have been suspended, allowing you to deduct 100% of income||You may now deduct an additional $300 per person ($600 for a married couple filing jointly)||Consider combining different giving strategies (such as cash and appreciated securities) to make the most of your gift|
Keep in mind the extension only applies to this year. That leaves a finite window to make gifts while literally paying NO income tax. Your gift will not only improve the lives of our community members, but also could save you thousands of dollars at the same time!
If you have questions about making a gift to the Northern New Jersey Community, contact Associate Director Danielle De Laurentis at firstname.lastname@example.org or call 201-568-5608.