Time Left in 2021:
Here are a couple of the important CARES ACT provisions that expire at the end of the month:
FOR PEOPLE WHO ITEMIZE THEIR DEDUCTIONS:
The CARES ACT provision increasing the limitation on cash contributions to public charities to 100% of adjusted gross income (AGI) has been extended for 2021. This means donors who itemize their deductions can now give more before reaching their AGI limitation.
FOR PEOPLE WHO DO NOT ITEMIZE THEIR DEDUCTIONS:
The law extends and modifies the charitable deduction available for cash gifts made to public charities. For 2021 only, single filers may again deduct up to $300, and joint filers may now deduct up to $600.
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This information is not intended to be personal tax advice. For more information about how the extension of these CARES ACT provisions may impact your personal financial situation, consult with your tax, legal, or financial advisor(s).