CHARITABLE GIVING INFORMATION
The Coronavirus Aid, Relief, and Economic Security Act, the “CARES Act” (hereinafter, “the Act”), passed on March 27, 2020, has been extended through December 31, 2021. The Act contains a few provisions that may have an effect on charitable giving.
FOR INDIVIDUALS
The CARES Act allows individuals who itemize their deductions in 2021 to claim 100% of their Adjusted Gross Income. Applying to cash contributions only, the CARES Act provides donors with the opportunity to sell appreciated securities and donate the cash to charitable organizations. Any giving beyond this 100% limitation may be carried over and used in the next five years.
For individuals who do not itemize their tax deductions, the legislation for 2021 extends the $300 universal charitable deduction implemented in the Cares Act. It also allows twice the deduction for couples who file their tax return jointly. As a result, a couple in the 32% marginal tax bracket can save $192 in federal income tax on a $600 donation, for example.
FOR CORPORATIONS
The Act also offers enhanced charitable deductions to corporations. Previously, a corporation could take a deduction of up to 10% of its taxable income for the year for gifts made to public charities. The Act increases the cap to 25% of taxable income. Like the individual benefits, the enhanced corporate benefits expire after December 31, 2021.
We hope you will consider taking advantage of the CARES Act by increasing your contribution to Action-PSJ in 2021!
In light of the current environment related to coronavirus, we encourage donors wishing to make a gift to APSJ to use our online donation option. Donors may experience some delay in receiving gift acknowledgment letters in the mail due to the current situation. We apologize for any inconvenience. Donors making donations online will continue to receive acknowledgments via email.
Privacy Policy: We keep your personal information private and secure. When you make a payment through our site, you provide your name, contact information, payment information, and additional information related to your transaction. We use this information to process your payment and to ensure your payment is correctly credited to your account.
Tax Information: Action for Post-Soviet Jewry Agency, is a registered Massachusetts non-profit corporation, Tax ID number 51-0137190. Your donation is tax-deductible as allowed by law. APSJ does not provide tax, financial, or investment advice. If you have any tax, investment, or financial questions, please consult a qualified advisor or counselor.
