TAX BREAK STILL AVAILABLE FOR 2020 USBI CONTRIBUTIONS
There's still time for you to get a 2021 CARES Act tax benefit for a USBI contribution (corporate and individual donations) Here's the scoop on the new law:
- Allows all taxpayers to take a charitable deduction of up to $300, even if you do not itemize.
- For those who do itemize their deductions, it allows for cash contributions to qualified charities to be deducted up to 100% of your adjusted gross income for the 2021 calendar year.
- Temporarily suspends the requirements for required minimum distributions (RMD) for the 2020 tax year. Many donors use their RMD to make a gift from their IRAs. If you are 70½ or older, you can still make a gift from your IRA or name us as a beneficiary. In addition, there are some new ways you can receive financial benefits and help the charities you care about.
- Increases the cash contribution limit from corporations from 10% to 25% in 2021. Charitable deductions from corporations in excess of 25% may be deducted for up to 5 years under the usual limits.
Donate today and ask your tax professional how to claim your benefits.