Universal IRS Tax Break for Charitable Donations
New Universal Tax Break for Charitable Donations for 2021
Thanks to Congress and the new stimulus package, the Universal Tax Break for Charitable Donations is being continued for 2021 with some updates. EVCT donors can receive an additional federal tax deduction on top of the standard deduction for 2021!
The new stimulus bill contains a one-time, above-the-line deduction for cash contributions of up to $300 for individuals and $600 for couples made to 501(c)(3) nonprofits. All taxpayers are eligible to take the deduction, even people who use the standard deduction. The incentive applies to contributions made in 2021 and that are claimed on tax forms for that year.
For those who itemize their deductions, the bill states for 2021 the normal limit on deductions for contributions, is now raised to allow cash donations up to 100% of income. For corporations, the limit on deductions for contributions remains at 25 % of income for 2021.
East Valley Children's Theatre will provide you with a receipt that will serve as your documentation for an eligible donation. Call 480-756-3828 or firstname.lastname@example.org for more information.
Click HERE to make a donation and provide immediate relief for EVCT today!