Since the last tax law was passed at the end of 2017, nearly nine in 10 taxpayers now take the standard deduction on their income tax return and are no longer able to claim a charitable deduction for donations made to qualifying charities.
Now, under the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020, individuals who take the standard deduction can now claim a deduction of up to $300 for cash contributions made to qualified charities in 2021. Married couples can deduct up to $600.
Therefore, as you begin to put together your tax documents to file your 2021 tax return, double check your charitable contributions for the year as you may be eligible for an additional tax deduction when you file.
If you have any questions about tax and estate planning, please feel free to contact Glick and Trostin, LLC at 312-346-8258.
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