After recent disasters such as the tornado in Kentucky, many people are giving to charity to help the victims. And due to a special temporary rule, more people will be able to deduct donations to qualifying charities on their 2021 federal income tax returns. Under a COVID-19 law, taxpayers don’t need to itemize deductions on their returns to take advantage of a limited charitable contribution deduction. The IRS has stated this will allow a deduction to about 90% of tax filers who normally wouldn’t qualify for one. For 2021, married couples filing jointly can deduct up to $600 in cash donations and individual taxpayers can deduct up to $300 in donations. To learn more: https://bit.ly/3E0NcRa Call or visit our website for more information! https://www.mjscpa.com/
