Charitable giving in 2021 – Plan carefully to maximize the tax benefits
Abstract: In the early days of the COVID-19 pandemic, lawmakers enacted the CARES Act to provide some relief to the ailing economy. One of its provisions, meant to encourage charitable giving, temporarily suspended limits on tax deductions for certain charitable gifts made in 2020. More recently, the Consolidated Appropriations Act extended this relief to charitable gifts made in 2021. This article examines how to maximize these charitable giving benefits. A sidebar explains the above-the-line charitable deduction for non-itemizers.