End of Year Giving – We’re Here To Help!

field with snow

There will always be more nature in need of preservation and restoration.
And the end of the year is a great time to capitalize on the tax benefits of charitable giving, especially in 2021.
We are here to help you meet your tax goals and fulfill your personal commitment to saving local nature!

You can still make gifts up to
and beyond the years’ end!  

 

If you don’t itemize, you can still deduct charitable contributions this year!
“Usually taxpayers who take the standard deduction cannot deduct their charitable contributions. The law now permits taxpayers to claim a limited deduction on their 2021 federal income tax returns for cash contributions they made to certain qualifying charitable organizations.

These taxpayers, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions to qualifying charities during 2021. The maximum deduction is $600 for married individuals filing joint returns.”

 

If you do itemize, there used to be a limit to how much of your adjusted gross income (AGI) you could donate and deduct. But that limit has been removed!
“The law now allows taxpayers to apply up to 100% of their AGI, for calendar-year 2021 qualified contributions. Qualified contributions are cash contributions to qualifying charitable organizations.”

 

Want to donate from your business? If you are C corp, your limit has increased, too!
“The law now permits C corporations to apply an increased corporate limit of 25% of taxable income for charitable cash contributions made to eligible charities during calendar year 2021. The increased limit is not automatic. C corporations must the choose the increased corporate limit on a contribution-by-contribution basis.”
Source: https://www.irs.gov/newsroom/expanded-tax-benefits-help-individuals-and-businesses-give-to-charity-in-2021

 

Do you need to make a required minimum distribution from an IRA?
A Qualified Charitable Distribution has many benefits. If you are over 70.5 years old and have a traditional IRA, you can donate up to $100,000 per year. Contact your IRA provider to make a distribution by 12/31 to count against this year’s RMD requirement!

 

Consider donating appreciated assets!
Now is a great time to donate appreciated stock. Appreciated stocks and bonds may be gifted to The Conservation Foundation. There are very favorable tax benefits for individuals who elect to donate stocks owned more than 1 year. Donors can deduct the full current market value as a charitable contribution and avoid paying capital gains tax on the appreciated value. Please consult your tax advisor for specific information.

Some useful information about giving to The Conservation Foundation:

  • Our FEIN number is 23-7221206
  • Our mailing address is: 10S404 Knoch Knolls Rd., Naperville, IL 60565
  • Our office phone number is: 630-428-4500

 

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