Sure! If you plan to claim the standard deduction on your 2021 tax return, you can write off a maximum of $600 in contributions to charities.
In 2020, a charitable deduction of $300 is authorized under the CARES Act. Rewarding people helping our their fellow Americans in a time of need.
For 2020, the charitable limit per “tax unit” meant, those who filed married and filing jointly could only get a $300 deduction.
This 2021 tax year, those who file married and filing jointly can each take a $300 deduction, equaling $600.
Individual taxpayers can claim an “above-the-line” deduction of up to $600 in cash donations to qualifying charities in 2021.
So, if your are single, head of household, or married filing seperate filers, $300 is the max you can claim.
Tax deductions reduces your taxes due and allows you to recover more money you paid in throughout the year.
What you need to know about the government release of the beta application. The Education Department (ED) opened a beta […]
What you need to know to fill out your profit and loss sheet like a pro! No matter kind of […]
Unemployment was down significantly last year. Still, 25 million Americans filed for unemployment benefits in 2022 The American Rescue Plan Act passed […]
How will advance child tax credit payments affect my return? Over the last six months of 2021, millions of families […]
The first day to file 2021 tax returns is Jan. 24, according to the Internal Revenue Service. That’s two weeks […]
It’s easier than you think! Tax pros work in a variety of industries as seasonal workers or year-round employees. They […]
No one knows the business of nostalgia better than Hollywood, which continues to prove there’s no business like nostalgia. Netflix’s […]
A handful of states could still end up taxing President Biden’s recently announced student loan forgiveness of up to $20,000, according […]
Home » Can I deduct my donations?