Charitable Tax Benefits Update for 2022 Filing Season

 

The IRS has released how the new expanded tax benefits can help both individuals and businesses claim donations given to charitable organizations before the end of this year.

New Tax Benefits Updates — New tax law permits individuals who elect standard deduction to claim a limited deduction (up to $300 for Single, MFS, and $600 for MFJ)  on cash contributions to  qualifying charitable organizations + New tax law permits individuals who itemize to claim a 100% limit on eligible cash contributions to qualifying charitable organizations

NEW TAX BENEFITS: CLICK HERE

TIPS FROM HMG

We encourage you to keep good records and receipts of all cash donations made individually and through your business.    At tax time be sure to provide us with all donations because even though you may not be able to itemize on your Federal return, you could potentially itemize on your State return earning you a larger deduction   Mark your calendars for November 30, 2021 for Giving Tuesday. This is an awesome day to take the opportunity to give back!

33 MacArthur Drive Conway, Arkansas 72032, United States