Many of the benefits extended by the IRS for charitable contributions in 2020 have been carried over to apply to the 2021 tax year as well. The benefits apply to those who donated to qualifying charitable organizations, such as Oregon Parks Forever. Even if you do not itemize your deductions, you can still qualify for a tax deduction on your 2021 return.
- If you take the standard deduction, you can claim an additional charitable deduction of up to $300 for individuals or $600 for couples filing jointly.
- If you itemize deductions, you can choose to deduct qualifying charitable contributions for up to 100% of adjusted gross income.
In addition to the IRS tax deductions, Oregon taxpayers can double the impact of their donation through the Oregon Cultural Trust credit. How it works:
- Donate to an Oregon Cultural Trust Qualified organization (including Oregon Parks Forever!)
- Make a matching donation to Oregon Cultural Trust
- Receive a tax credit on your Oregon income tax return for the entire amount of your donation to the Oregon Cultural Trust! More information about this program is available on the Oregon Cultural Trust website. (https://culturaltrust.org/get-involved/donate/)
If you are a sustaining member of Oregon Parks Forever, look for an email from us in January with information about your 2021 donations. Please note that Oregon Parks Forever is not able to provide tax advice. Contact a tax professional for more information. Information in this article is from the IRS website.