Did you know, thanks to the extension of the CAREs Act, you can take an income tax charitable deduction against 100% of your income for federal tax purposes?
The only requirements are that you make the donation in cash to a KidWorks on another regular public charity before the end of the year.
If you donate, your deduction, together with any charitable deductions you are already taking, is deductible up to the full amount of your income. In other words, you can literally choose to give money to charity instead of paying federal income taxes this year.
Of course, it’s always important that you work with your tax professional with respect to your particular situation—but this extension provides even more incentive to support KidWorks while potentially easing your tax burden.
Here’s what the IRS says on their website: “Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to them, their charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income.”
Please make a note of the Dec. 31 CARES Act extension deadline as you plan your charitable giving for the remainder of 2021. We are deeply grateful for the generosity of our supporters and partners!
(Editor’s Note: KidWorks is deeply grateful to everyone who supports our students through gifts of time, talent and resources. This month, we’re continuing a new feature called “Ways to Give.” We’ll keep sharing additional ways you can enhance how you may already be helping those we serve.)