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As we approach the end of 2021, we wanted to be sure you know that right now is an excellent time to build on that investment. Whether you itemize deductions or not on your annual tax return, there are temporary opportunities in the tax law encouraging you to invest in our charitable organization now.
But those provisions are set to expire on December 31!
The IRS issued a special “tax tip” earlier this fall. The link to the IRS guidance appears at the end of this article. Here is the gist in plain English of the benefits meant to support your giving this year:
Again, these incentives end this year, so consider taking advantage of these opportunities before December 31.
Finally, we want to share one more idea that is not in the IRS tax tips but is worth considering. You might reduce your tax bill by making a distribution from your IRA to our ministry. This can satisfy the required annual minimum distribution for taxpayers age 70½ or older, while not resulting in taxable income. It’s effectively another way to qualify for a charitable tax benefit — whether you itemize your taxes or not!
Thank you again for your continued partnership with us to deliver hope to hurting families. Our team is humbled by your generosity.
See “Expanded tax benefits help individuals and businesses give to charity in 2021” – Sept. 28, 2021
Tent Schools International is accredited by the Evangelical Council for Financial Accountability.