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Year-end tax savings expiring!

You should know that every gift, whether big or small, makes a dramatic difference in the lives of Arizona families. As this year comes to a close, we invite you to consider a tax-advantaged charitable gift.
 
Cares Act – Tax Savings Expiring on December 31, 2021. A key stimulus package is set to expire on December 31. Below are a few last minute ways you can help Habitat serve more Arizona families in need of affordable housing.
 
The universal charitable deduction is temporarily upgraded. The new deduction is $300 for single filers and $600 for married couples filing jointly. This is available to taxpayers who take the standard deduction and donate cash gifts to qualified charities.
 
The cap on annual contributions for those who itemize increased from 60% to 100% of adjusted gross income for 2021. Any excess contributions available can be carried over to the next five years.
IRA Gifts: Regardless of whether you itemize your taxes, if you are 70-1/2 or older, this tax-advantaged gift might be of interest.
 
Appreciated Stock Gifts: Donate your appreciated stocks to a Habitat and eliminate capital gains tax.
 
Retirement Plan Beneficiary: These assets remain taxable when distributed to a loved one, but tax-free when given to a charity.
 
Bequest: A bequest can be as simple as a single sentence in your will or trust, but has a powerful impact on a nonprofit’s ability to sustain its mission for future generations.
 
We are truly grateful for your generosity and support helping Arizona families in need of affordable housing solutions. If you have any questions, please contact Liz at 602-232-1072 or by email Liz@habitatcaz.org