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Hurry to enjoy tax benefits for your philanthropy this year

Changes made to charitable giving in 2020 now extend to dollars donated in 2021.

Last year, the Coronavirus Aid Relief and Economic Security Act (CARES Act) created a provision that allowed individuals to deduct up to $300 in charitable contributions on their 2020 tax return. This “above-the-line” deduction was available to all taxpayers, even those who do not typically itemize their deductions.

This year, the Consolidated Appropriations Act extended the $300 deduction for single filers and increased the amount to $600 for married couples filing jointly. Taxpayers do not need to provide documentation for their charitable contributions with their returns, but the IRS does require that you keep a written record of all contributions. If you need a summary of your yearly giving through the Community Foundation, contact our Administrative and Technology Specialist Marie DeWerff at mdewerff@cfalleghenies.org or 814-208-8389. Please note that donations to the Foundation’s supporting organizations and donor advised funds do not qualify for this new deduction.

For donors who do itemize their deductions, the temporary suspension of the 60 percent charitable contribution deduction limitation has also been extended into 2021 for qualified cash contributions in 2021. Individual taxpayers who contribute cash to a public charity, or a limited number of private foundations, may deduct up to 100 percent of their adjusted gross income after taking into account other contributions subject to charitable contribution limitations. Individual taxpayers can continue to carry forward any excess charitable contributions for five years, but the enhanced 100 percent deduction limitation expires after 2021.

Finally, corporations may continue to deduct charitable gifts up to 25 percent of the corporation’s taxable income (increased from 10 percent).

Other year-end giving reminders:

Checks: Mail to our office at the address below. Envelope must be postmarked by December 31. We’re open until 5 p.m. on New Year’s Eve, so you can also drop off a check in person.

ACH Fund Transfer: Transfers generally take 2-3 business days, so please initiate your transfer no later than December 24th. For all transfers, please contact Katrina Perkosky, Director of Donor Services (814-208-8411, kperkosky@cfalleghenies.org) to notify us of the amount of your gift and the fund name. CLICK HERE to download easy, step-by-step instructions.

Stock Transfer: Processing times can vary, but can take weeks, so if you are interested in this type of gift, please act immediately! For all transfers, please contact Katrina Perkosky, Director of Donor Services (814-208-8411, kperkosky@cfalleghenies.org) to notify us of the stock name, number of shares, and the name of the fund. CLICK HERE to download easy, step-by-step instructions.

Cryptocurrency: Make a simple, secure online donation of cryptocurrency at any time at cfalleghenies.org/crypto.

Community Foundation for the Alleghenies, 216 Franklin Street, Suite 400, Johnstown, PA 15901

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