Do you want to get a tax deduction, but don’t want to itemize your return? Well, this is the year to do it! Congress extended the charitable tax deduction benefit of the 2020 CARES Act until the end of 2021, which means that for most tax payers, you can deduct up to $600 on a standard return for making a charitable donation. If you donated this to BookSpring, it would provide approximately 250 more books to children in need of books at home to develop a lifelong love of reading.
We hope that you and your family are taking special care during this time. BookSpring is still fully engaged in reaching deep into our communities in Central Texas and delivering on our mission of distributing books and promoting literacy for our kids and families.
As we reach out to those in need, there is a silver lining for charitable giving during these challenging times in the 2020 CARES Act (Coronavirus Aid, Relief, and Economic Security Act). Here are the details as reported by Inside Charity.
Charitable Giving Incentive: Creates an above-the-line deduction (universal or non-itemized deduction that applies to all taxpayers) for total charitable contributions of up to $300 and $600 for married couples for the 2021 tax year. The law also lifts the existing cap on annual contributions for those who itemize, raising it from 60 percent of adjusted gross income to 100 percent. For corporations, the law raises the annual limit from 10 percent to 25 percent.
While we are not tax experts and we encourage you to seek professional advice, we hope you’ll consider the positive impact that your charitable contributions to the non-profit sector will have for years to come. Many thanks for your caring support.
Make a donation online today, or contact Bianca Paz-Cisneros at 512 472-1791 ext.104 to discuss how your gift can make a difference in the lives of so many.