2021 tax laws and strategies may allow you to support TART Trails and reduce tax liabilities.
The CARES Act of 2020 is designed to help charities combat the impacts of the COVID-19 crisis and create new tax benefits for donors.
Up to $600 charitable deduction, if you don’t itemize:
If you don’t itemize on your 2021 taxes, you can claim a charitable donation up to $600 if you file jointly and $300 if you file individually.
If You Itemize Your Deductions:
The adjusted gross income (AGI) limit for cash contributions from individual donors has been increased. If you have a Required Minimum Distribution from an IRA, you can make charitable gifts up to $100,000, which will qualify for the minimum, without being included in your adjusted gross income.
If You Have Appreciated Stock:
If you want to fulfill a charitable gift by transferring stock that has appreciated, you may be able to deduct the value of the stock, while avoiding capital gains on the appreciation.