The Cares Act of 2020, passed last March, contains two little known federal tax benefits, even for tax filers who use the standard deduction and do not itemize. Subsequent legislation has extended these benefits through 2021.
Annual charitable contributions of cash of up to $300 for an individual, or $600 for married couples filing jointly, can be deducted in 2021 so those who give a gift may also be able to receive one … in the form of a tax deduction.
Also, individuals who itemize can deduct donations up to 100% of their AGI, up from 60% previously.
Why not take advantage of these tax benefits to make a donation to your library that lowers your taxable income? You can send a check or you can click here to make a secure gift online.
The Worthen Library does not provide legal or tax advice so please consult your tax advisor to determine how these changes may impact you. Thank you for your ongoing support. And on we go!
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