Year-End Giving News
We're thankful to everyone who has supported Knowing Jesus Ministries this year. And, we're excited about all of the plans for 2022 made possible in God's provision through your giving!
As you plan for your year-end charitable giving, note that the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) extended several temporary federal tax changes into 2021. That means you may be able to take a greater federal tax deduction this year if you give by 12/31/21. Talk with your tax preparer if you have questions, or read this release from the IRS for more info.
Here are the key differences for 2021 giving:
- Individuals Who Don't Itemize: Typically, individuals who take the standard federal tax deduction rather than itemize can't claim deductions for their charitable giving. However, the temporary law allows individuals to claim up to a $300 deduction ($600 for married couples filing jointly) when making a cash contribution (cash, check, debit or credit card) to a charitable organization.
- Individuals Who Itemize: Individuals / couples are typically limited to a specific percentage of their AGI (Adjusted Gross Income) they can claim as a federal tax deduction when making a cash contribution (cash, check, debit or credit card) to a charitable organization. However, the temporary law allows individuals / couples to claim federal deductions from charitable giving up to 100% of their AGI.
Please consider Knowing Jesus Ministries for any year-end charitable giving you're planning! You can give online through our website or mail your gift to:
Knowing Jesus Ministries
1240 Leeville Pike
Lebanon, TN 37090