Charitable Giving Tax Planning

Charitable Giving Tax Planning

View Charitable Giving Tax Planning Guide

Giving to charity can provide not only large income tax deductions to help you do well financially but also the satisfaction of doing good. Well-planned gifts also can save estate tax while allowing you to take care of your heirs in the manner you choose. But you must keep in mind various limits that could reduce the tax benefits of your donations.

One important limit to keep in mind is that, traditionally, you can deduct charitable contributions only if you itemize deductions. Fortunately, the CARES Act allowed taxpayers who claim the standard deduction to deduct up to $300 of cash donations to qualified charities in 2020, and the CAA has extended this break to 2021 — and increased the maximum deduction to $600 for married couples filing jointly. View Charitable Giving Tax Planning Guide

Charitable Giving Tax Planning Topics

 

View Charitable Giving Tax Planning Guide

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