Getting More Out of Your Tax-Deductible Year-End Donations
It's no secret that the end of the year is a great time to make a tax-deductible donation.
But what if you made it go farther with a prepayment of next year's donations?
Your donation made now can be kept in your account and applied to donations you'd like to make in 2022. Your prepayment now could also reduce your 2021 taxes. (see below)
Generous donations from supporters near and far make The Meyerland Minyan Synagogue's exciting programming possible, including our ongoing classes, festive events and community meals.
We're in the midst of improving our shul with the new kitchen (complete), installing beautiful decorative windows in our sanctuary, expanding our classrooms and enhancing our outdoor children's space. This is happening because of your generosity!
Why make a larger donation by December 31?
Recent legislation provides certain tax changes through the end of 2021 that benefit charitable donations by individuals and businesses.
"Typically, most people aren't able to get a tax break when they donate money to a charity if they're claiming the standard deduction on their federal income tax returns. And nearly 9 out of 10 taxpayers are taking that standard deduction these days.
Yet pandemic relief in Congress created a special but temporary break for giving money to a qualified charity that applies to people who do not itemize.
A married couple taking the standard deduction is allowed to claim up to $600 for cash contributions made to qualifying charities in 2021, if filing a joint return. It's a temporary break, which is set to expire on Jan. 1.
A single individual, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions.
...Usually, cash donations that you can deduct are limited to 60% of your adjusted gross income but that limit was temporarily eliminated for tax year 2021 returns, just like it was for 2020.
As a result, "taxpayers can claim a charitable deduction up to 100% of their adjusted gross income or AGI in 2021," said Susan Allen, senior manager for Tax Practice & Ethics with the American Institute of CPAs.
Paying attention now – and making any last-minute cash donations by Dec. 31 – can make a good deal of sense because many people who don't itemize are looking at a tax benefit with a limited shelf life."
- USA Today, December 8, 2021
There are also increased deductions available this year on charitable donations by C-corporations – up to 25% of taxable income! Click here for more information.
INSTRUCTIONS: Click the button below to make your end-of-year donation online to The Meyerland Minyan Synagogue, and let us know in the Comment box in the form if you want that donation to be applied to future sponsorships or membership dues for next fiscal year. Please feel free to contact TMMS President David Cohen with any questions.
But what if you made it go farther with a prepayment of next year's donations?
Your donation made now can be kept in your account and applied to donations you'd like to make in 2022. Your prepayment now could also reduce your 2021 taxes. (see below)
Generous donations from supporters near and far make The Meyerland Minyan Synagogue's exciting programming possible, including our ongoing classes, festive events and community meals.
We're in the midst of improving our shul with the new kitchen (complete), installing beautiful decorative windows in our sanctuary, expanding our classrooms and enhancing our outdoor children's space. This is happening because of your generosity!
Why make a larger donation by December 31?
Recent legislation provides certain tax changes through the end of 2021 that benefit charitable donations by individuals and businesses.
"Typically, most people aren't able to get a tax break when they donate money to a charity if they're claiming the standard deduction on their federal income tax returns. And nearly 9 out of 10 taxpayers are taking that standard deduction these days.
Yet pandemic relief in Congress created a special but temporary break for giving money to a qualified charity that applies to people who do not itemize.
A married couple taking the standard deduction is allowed to claim up to $600 for cash contributions made to qualifying charities in 2021, if filing a joint return. It's a temporary break, which is set to expire on Jan. 1.
A single individual, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions.
...Usually, cash donations that you can deduct are limited to 60% of your adjusted gross income but that limit was temporarily eliminated for tax year 2021 returns, just like it was for 2020.
As a result, "taxpayers can claim a charitable deduction up to 100% of their adjusted gross income or AGI in 2021," said Susan Allen, senior manager for Tax Practice & Ethics with the American Institute of CPAs.
Paying attention now – and making any last-minute cash donations by Dec. 31 – can make a good deal of sense because many people who don't itemize are looking at a tax benefit with a limited shelf life."
- USA Today, December 8, 2021
There are also increased deductions available this year on charitable donations by C-corporations – up to 25% of taxable income! Click here for more information.
INSTRUCTIONS: Click the button below to make your end-of-year donation online to The Meyerland Minyan Synagogue, and let us know in the Comment box in the form if you want that donation to be applied to future sponsorships or membership dues for next fiscal year. Please feel free to contact TMMS President David Cohen with any questions.
