Your charitable gift to Hearing Health Foundation (HHF) can save you money in taxes—especially before the end of this year when adjustments to the tax law in 2022 can decrease how much you save. Because of changes in 2022, your taxes may be reduced if you make a cash gift to HHF before December 31, 2021.
Here are the details:
Special charitable tax break is set to expire. When you make a cash, check, or credit card gift to a charity, you can get a break on your 2021 taxes without needing to itemize. You can deduct up to $600 for married couples and $300 for individuals. In 2022 this tax break is set to expire. The more you deduct from your taxable income, the lower your federal income tax that you pay.
IRA required minimum distributions have returned. Required minimum withdrawals from your individual retirement account (IRA) for those who are age 72 years old and above were waived in 2020. But they returned in 2021. You can support HHF with IRA income donated as a qualified charitable distribution (QCD) and avoid taxes on your IRA for 2021.
To qualify for a tax deduction before these changes take effect, checks to your favorite charity need to be dated and postmarked by the U.S. Postal Service by December 31, 2021. Gifts by credit card are dated by the day the gift is made, not when you pay your credit card bill.
The New York Times recently wrote an article on the topic, noting that married couples can take deductions of up to $600 without having to itemize their charitable giving. The website eFile, which is authorized as an online filing provider by the IRS (Internal Revenue Service), also has a detailed summary of charitable deductions.
HHF truly appreciates your support of our mission to prevent, research, and cure hearing loss, tinnitus, and related hearing and balance conditions. We could not fund groundbreaking science without your continued support, and we want our donors to maximize your tax benefits before these important changes to the tax law that start in 2022. All year-end gifts are being matched dollar for dollar by generous, anonymous donors. —Yishane Lee, HHF director of marketing and communications
Please note: The information in this email is not intended as legal or tax advice. Please consult your tax professional or attorney.
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