As long as the market remains strong and because the CARES Act is still in effect, 2021 is the year to consider making a significant charitable gift. However, first and foremost, always talk to your tax advisor before making any substantial charitable gift.
Whether you itemize on your income tax return will determine which charitable incentive you should take under the CARES Act.
Itemizers can deduct up to 100% against their adjusted gross income for cash gifts contributed to public charities in 2021. Please consider making a cash gift to the Community Foundation of Sarasota County’s trusted Season of Sharing which for more than 20 years has been providing a vital safety net assisting more than 35,000 families and individuals with the immediate basic needs necessary to stay in their homes and regain stability. You may also make a cash gift to the Community Foundation of Sarasota County to create a designated fund benefiting named charities over a course of time or to a scholarship fund to provide educational support to individuals.
For those donors who do not itemize on their tax return, individuals and married couples filing jointly can each claim a $300 above the line deduction for cash contributions made to public charities.
Please note, to take advantage of these charitable incentives, the donor is prohibited from making the contributions to a donor advised fund or to a supporting organization.
The CARES Act charitable incentives expire on December 31, 2021.