In 2021 the CARES Act continues to allow the “above the line” charitable deduction. If you do not itemize deductions, you may be able to take a charitable deduction for contribution(s) up to $300 if single, head of household, or qualifying widow(er); $600 if married filing jointly; or $300 if married filing separately (IRS Form 1040 instructions). If you itemize, the CARES Act allows you to deduct up to 100% of your AGI. This applies to cash, not household items, cars, or appreciated securities. Donations must be made to qualified charitable organizations, such as the Bentonville Library Foundation.
If you have any questions, please contact Teresa Stafford, CFRE: