With the passage of the CARES Act, the federal government has incentivized charitable giving to organizations like Cancer Support Community North Texas. The following changes may be important for you to consider as you think about your charitable giving this year.
Significant charitable giving incentives in the CARES Act have been extended through 2021.
Taxpayers taking the standard deduction can claim a deduction of up to $300 (new for 2021, couples who are married, filing jointly can claim a deduction of up to $600) for cash contributions to charitable organizations like Cancer Support Community North Texas.
Typically, individuals can take a charitable deduction of up to 60% of their adjusted gross income (AGI) for cash gifts to charities. In 2021, the CARES Act allows individuals to deduct cash gifts up to 100% of their 2020 AGI. Deduction amounts above this limit may be carried over for up to five tax years.
You can make a gift online at give2csc.org.
For each donation made to Cancer Support Community North Texas through December 31st, we will add a special ornament to our community holiday tree in front of the Dallas Clubhouse! You can customize a message to go in your ornament with words of encouragement or the name of a loved one you would like to honor, celebrate, or remember this season. At the end of the season, our decorated tree will demonstrate the strength, warmth, and support of our generous community.
If you would like more information about making a gift to CSCNT, please contact us by email at Development@CancerSupportTexas.org or call (214) 345-3238.
As always, we encourage you to contact your tax adviser to determine if the changes noted above would be advantageous for you.
Learn more here.