Charitable Tax Deduction

While many charitable deductions are not readily available to the majority of taxpayers, since the standard deduction precludes this possibility, there is a provision in place that is due to expire on December 31, 2021 that creates much more access to a charitable deduction.

From the IRS website: “Nearly 9 in 10 taxpayers now take the standard deduction and could potentially qualify to claim a limited deduction for cash contributions. These individuals, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions made to qualifying charities during 2021. The maximum deduction is increased to $600 for married individuals filing joint returns.”

We wanted to share this information with you now since we know that the Red Barons are very generous and we depend upon your gifts to fund scholarships, support athletics, and to make our educational opportunities as exciting and diverse as we can. So if you are able to make a gift before year-end, you might also be able to deduct a little bit on your taxes too!