Help Everyone in Roanoke Valley Thrive
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A key stimulus package is set to expire on December 31. Here are a few last-minute ways you can make a difference at United Way of Roanoke Valley.
- 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. This tax incentive is available for cash gifts to qualified charities (but not to supporting organizations or donor advised funds).
- 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. (For corporations, the law raised the annual limit from 10% to 25% of taxable incomes.)
The IRS has more info here.
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