This information was originally published on 12/18/2019 and updated on 12/7/2021.
End-of-year gifts help even more kids and families experience their worth in Christ. Your donations create environments for individuals to feel safe and receive help to make positive changes in their lives. Your support truly changes lives.
Updated for 2021: As a result of the 2021 Consolidated Appropriations Act, several key provisions of the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act were extended or expanded and may impact your 2021 charitable tax deductions.
Extension: $300 deduction for those who claim the standard deduction. Individuals who plan to take the standard deduction for their 2021 tax returns may claim an above-the-line deduction of up to $300 for cash donations to qualifying public charities.
Expansion: $600 deduction for married couples. For 2021, this above-the-line deduction is increased to $600 for cash donations for married couples filing jointly who do not itemize tax deductions.
Extension: Charitable giving deduction limit increased to 100% of Adjusted Gross Income (AGI) on cash donations for those who itemize. Prior to 2020, this number was 60%.
Extension: AGI limit for cash contributions increased to 25% of taxable income for corporations. Prior to 2020, this number was 10%.
Please consult your tax preparer or visit the IRS website for more information.
As a nonprofit organization in good standing, we follow IRS rules. To make your gift count towards tax-year 2021, here are some tips to keep in mind.
• Check by mail: If you’re mailing a check through the post office, your donation is good for tax-year 2021 only if your envelope is postmarked December 31 or earlier. Note: If you drop your envelope in your mailbox or a blue postal service mailbox, it might not get postmarked until Monday, January 3. You’re encouraged to mail early or go in person to prevent delays and have your gift count for 2021.
• Check in person: If you’re in the Wooster area, we’d love to meet you. To make your gift in person, we are available to receive your gift a the administrative office on Armstrong Road until noon on Friday, December 31.
• Credit card online: Make your gift online by 11:59:59pm on Friday, December 31 and it will be counted for 2021. You’ll receive an immediate email notification to the email address you provided that your gift was submitted. Make your gift at ccho.org/give.
• Electronic transfers of securities: When you direct your broker to transfer securities to CCHO, it’s considered a completed donation only when the funds are transferred from your account into another account. Keep in mind that if you are over age 70½, you can make a donation directly from an individual retirement account to a charity.
For more information, please contact Development Director Dan Franks at 330.345.7949, ext 2336 or email franksd@ccho.org.
Tax information sources: Consumer Reports and CNBC
