Breast Cancer Awareness Month's Tax Deductions On Contributions
Updated: Nov 4, 2021
Breast Cancer Awareness Month is celebrated in October. Because breast cancer is the most frequent cancer among women in the United States, becoming engaged in the battle against it may have a huge influence. You may help the community by informing people about available services and treatments, assisting individuals who are already through treatment, and contributing donations for more research.
Impacts On Contributions
While there has been significant progress in terms of prevention and treatment, there is still much more to be done. The American Cancer Society and Susan G. Komen are two prominent charities seeking donations. There are, of course, a plethora of other excellent organizations.
Donating to the community is a reward in and of itself, but it may also help you save money on your taxes. If you volunteer or donate money or non-cash goods to a charity, your contribution may be tax-deductible.
If you itemize your deductions and make a charitable donation to a qualifying organization, you may usually deduct the donation. Normally, if you use the standard deduction, you won't be able to deduct charitable contributions; but, under the CARES Act, you'll be allowed to deduct up to $300 in cash gifts on your 2020 taxes. For tax year 2021, this sum is up to $600 for married couples filing jointly and $300 for other filing statuses. Even if you don't itemize your deductions, you may take a charitable tax deduction if you're one of the almost 90% of taxpayers who now use the standard deduction as a result of tax reform.
Now you can't say you don't have any other reason to donate, now there's something in it for you. On the note of taxes, of course nobody wants to pay for more than they really have to. If at some point in time, you have found yourself stuck in the predicament in which the IRS claims that you owe them in back taxes, it can be bad news for you. Avoiding the IRS completely might lead to costly consequences. The first step in relieving a tax debt in which is too high, is seeking federal relief programs. Fortunately for many Americans, there's a relief program that consolidates many major relief programs into a one-size-fits-all assistance program; The IRS Fresh Start Program. Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today! See if you qualify for the Fresh Start Program today! Resolve your tax debt before the IRS surprises you with late fees and penalties!
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