The above-the-line charitable deduction created by the 2020 CARES Act for cash gifts to public charities like Yellowstone Boys and Girls Ranch Foundation, has been extended through the 2021 tax year – with one big improvement.
In 2020, the $300 non-itemizer charitable deduction was capped at $300 for both separate and joint returns. For 2021, the cap for a joint return is $600.
Your generous gift to Yellowstone Foundation will save even more on your taxes this year, and make a big difference in the lives of the children we support.
We look forward to hearing more about what’s now being referred to as the “Universal Charitable Deduction” in the future. Its popularity will lead taxpayers and charities to seek legislation to make the law permanent as well as increasing the maximum allowable limits.