MORE NONPROFIT TAX INFO YOU SHOULD KNOW

Many of you really enjoyed the video we did about tax info you and your donors should keep in mind. For those who did not see the video, we posted that again for you. However we have some updated info we would like to share below, from our friends at BerganKDV.

SPECIAL RULE FOR TAXPAYERS WHO DO NOT ELECT TO ITEMIZE DEDUCTIONS. In the case of any taxable year beginning in 2021, if the individual does not elect to itemize deductions for such taxable year, the deduction under this section shall be equal to the deduction, not in excess of $300 ( $600 in the case of a joint return),which would be determined under this section if the only charitable contributions taken into account in determining such deduction were contributions made in cash during such taxable year.

Also, under the Cares Act passed in March, business were allowed to increase their charitable giving deduction from 10% of taxable income to 25% and individuals from 60% of adjusted gross income to 100%. The original provisions allowed this increase through 2020. Under Section 213 of the new bill, this is now available through 2021.

Please keep in mind that Midwest Studies Group are NOT tax professionals. We are merely sharing info from our partner agency. For more information please be sure to visit www.bergankdv.com.

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