The Consolidated Appropriations Act of 2021 (CAA) provides incentives to give to The Ireland Funds in 2021
a) Individual Donors
If you itemize deductions, for cash contributions made in 2021, individuals and joint filers can elect to deduct up to 100% of their Adjusted Gross Income (AGI), increased from 60%.
If you do not itemize deductions and you claim the standard deduction on your tax return, the Act allows for an “above the line” deduction in 2021, from the taxpayer’s income prior to the calculation of their AGI, for charitable gifts made in cash of up to $300 for an individual or $600 for joint filers.
Corporations can deduct up to 25% of taxable income, increased from 10%.
• These new incentives only apply to cash contributions made in the calendar year 2021 to public 501c(3) organizations.
• These incentives do not apply to contributions to donor advised funds, family foundations or corporate foundations.
• Donors should consult in advance with their tax / legal advisors when considering charitable giving.