• Durham & Durham

NEW for 2021 Charitable Contributions

New in 2021 you may take a $300 (Single/HOH) or $600 (MFJ) deduction in cash contributions to a qualified organization if you don’t itemize.


You MUST KEEP RECORDS to substantiate the cash contributions you made.

KEEP BOTH BELOW:

  • Statement from the organization. An organization MUST give you a letter on their letterhead or other written communication such as an email if it receives a payment from you as a RECEIPT. The written communication MUST show the name of the organization, date, and amount.

  • BANK RECORD that shows the name of the qualified organization, date, & amount, such as:

  • Canceled Check

  • Bank or credit union statement

  • Credit card statement

  • Electronic fund transfer receipt

  • Scanned image of both sides of a canceled check obtained from a bank or credit union website.

You may wish to speak with your employer to set up a payroll deduction for charitable contributions.


NOTE:

If you receive a financial or economic benefit as a result of making a contribution to a qualified organization, you can deduct only the amount of your contribution that is more than the value of the benefit you receive.


Read More:

https://www.irs.gov/forms-pubs/about-publication-526


If you are looking for a cause to support, The YWCA of Northwest Louisiana is near and dear to our hearts. The YWCA is dedicated to eliminating racism, empowering women, and promoting peace, justice, freedom, and dignity for all.

You can read more about their mission https://www.ywcanwla.org/ and can donate via their webpage https://www.ywcanwla.org/donate

18 views0 comments

Recent Posts

See All