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As we approach the end of 2021, right now is an excellent time to build on that investment.  Whether you itemize deductions or not on your annual tax return, there are temporary opportunities in the tax law encouraging you to invest in our charitable organization now.

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These provisions are set to expire on December 31, 2021.

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This is so important that the IRS actually issued a special “tax tip” earlier this fall for generous donors like you.  Here is a brief summary of the benefits meant to support your giving this year:

• Right now, you can deduct up to $300 contributed to Return Ministries during 2021.  The amount increases to $600 for married couples filing a joint return.  This is true even if you do not normally itemize but take the standard deduction.

• If you do itemize, usually your eligible gifts cannot exceed a specific fraction of your income.  But for gifts made in 2021, you can generally elect to claim a charitable deduction for cash donations up to 100% of your adjusted gross income.  Consult your tax professional for limited exceptions.

• If you run a business,  the deduction thresholds for cash and food donations for many businesses have temporarily increased depending on your status as a corporation, sole proprietorship, and so forth.  Ask your tax team to explore these opportunities.

 

With a charitable IRA rollover (or qualified charitable distribution), you can create tax savings for yourself and help your favorite charities at the same time!

 

If you’re 70 1/2 or older, you can transfer funds directly from your IRA to a charity (up to $100,000 per year) without reporting the distribution as taxable income. The transfer of IRA funds to a charity also qualifies for your required minimum distribution (RMD), which can lower your income and reduce your taxes.  Contact your financial advisor for further questions.