Maximize Your 2021 Gift to the Foundation - Charitable Giving Benefits under CARES Act Extended
The CARES Act expanded the deductibility of charitable contributions, and in 2021 many provisions were expanded making this year a favorable time to support the ASCRS Foundation.
Individual taxpayers who take the standard deduction may deduct charitable gifts up to $300 and married couples who file joint returns can deduct charitable gifts up to $600. Individual taxpayers who itemize their deductions may now deduct certain charitable contributions up to 100% of the taxpayers adjusted gross income. Prior to the CARES Act, taxpayers were limited to deducting 60% of the taxpayer’s adjusted income. Individual taxpayers can continue to carry forward any excess charitable contributions for five years, but the enhanced 100% deduction limitation is set to expire after 2021. In 2021, corporations may deduct charitable gifts up to 25% of the corporation’s taxable income (increased from 10%).
This information does not constitute legal or financial advice and restrictions apply. Consult your tax, legal or financial advisor and obtain professional counsel of an attorney to assist you in making a gift.
Ready to Make Your Year-End Contribution? There Are Many Ways to Give to the Foundation:
Give Online or Mail a Check
Give online by clicking here or mail a check made payable to ASCRS Foundation, 12587 Fair Lakes Circle Suite 348 Fairfax, VA 22033. Checks and envelopes must be dated and postmarked no later than December 31, 2021, for your contribution to processed in calendar year 2021.
Donate Through Your Donor Advised Fund
Consider making a grant recommendation through your donor advised fund to the ASCRS Foundation to help support our mission. The ASCRS Foundation’s tax ID number is 23-7388748.
Gift of Stock
Your financial advisor can assist you in making a stock or securities gift. Inform your broker that you would like to make a gift of stock to the ASCRS Foundation and connect with us at info@ascrsfoundation.org for additional information on completing your gift.
Consider an IRA Rollover
If you are 70 1/2 or older, you may be able to take advantage of the IRA Charitable Rollover. Talk to your financial advisor for more information. The ASCRS Foundation tax ID number is 23-7388748.
For more information or assistance making your charitable contribution, click here or contact Molly Gascoigne at mgascoigne@ascrs.org