In recent years more and more of us have stopped itemizing our income tax deductions because the standard deduction has increased dramatically. Unless you have more than $12,550 ($25,100 for a married couple filing jointly) in deductions, there is no reason to itemize; you can just claim the full standard deduction amount instead. But, while it’s true that the standard deduction simplifies your taxes, sadly if you do not itemize, then you cannot take advantage of the income tax deduction for your charitable gifts.
So, are there tax advantages for your contribution to the friars of the Capuchin Franciscan Province of St. Joseph even if there is no charitable deduction? Perhaps surprisingly, the answer is yes!
Even if you do not itemize your deductions, you are allowed to reduce your taxable income by up to $300 ($600 for a married couple) if you make cash contributions to a public charity like The friars of the Capuchin Franciscan Province of St. Joseph in 2021. This special “deduction for non-itemizers” was first introduced in the stimulus legislation of 2020 and then extended through 2021. There’s no guarantee Congress will extend this for another year, so be sure to take advantage of this opportunity while you can.