CARES Tax Act and Its Impact on You

Benefits that you could take advantage of today:

The following are the Charitable Benefits Expanded and Extended available through December 31, 2021. In light of pending tax legislation in Washington, how might you make the most of these opportunities now, to better position yourself for 2022?

  • The above-the-line deduction for non-itemizers is up to $300 for people filing separately and up to $600 for married couples filing jointly for cash gifts.
  • The waiver of deduction limits against AGI for cash contributions to qualified charities is extended through December 31, 2021. Donors who itemize may count all outright cash gifts up to 100% of their 2021 adjusted gross income.
  • Required Mandatory Distributions (RMD) are back in 2021 for retirement account holders starting at age 72, and so is the Qualified Charitable Distribution (QCD). You can make an IRA transfer directly to a qualified charity to enjoy no tax on the transfer up to $100,000 starting as early as 70 years of age.
  • The increased charitable deduction limit from 10% to 25% for corporations is extended through 2021 for gifts of cash and food inventories.

What might this look like for you and your unique situation? We have prepared a printable document that you can share with your advisor(s) as you review and plan for the remainder of 2021 and beyond. To take a closer look, click here now to open the document, 2021 Charitable Opportunities to Help Reach More People and Advance the Great Commission.

Caveats:

First, nothing has officially been passed by Congress and signed into law today (September 1, 2021), but tax increases for 2022 are imminent. The information provided is based on what is coming out of Washington.

Second, always consult your tax planner and other kingdom-minded advisors before you make decisions or take specific actions.

If you need help, or just a second opinion, our team of planning professionals with the Cru Foundation are ready to serve you. Theres no cost or obligation for the portfolio of first-rate services they can provide. They are here to serve you as a friend of the ministry. Kathleen (Katie) Brubaker, J.D., and any of the others on their team are available; simply call 800-449-5454, or email [emailprotected]. Feel free to reach out today.

Thank you again for your interest and commitment in helping take the gospel to the nations and plant churches. And thank you for your desire to be the best steward of what God has entrusted to you.

As you are able and feel led to help share “JESUS,” you can through secure online givingtoday via credit card or by calling toll free800-387-4040 on any weekday between 9:00 a.m. and 5:00 p.m. (Pacific Time).

Your charitable donations are tax deductible. The ministry’s Tax Identification Number is 95-6006173. Jesus Film Project is a ministry of Campus Crusade for Christ International. The ministry operates under the brand name, Cru, in the United States.