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.