Supporting TPF – potential tax savings
Fri, 24-Dec-2021 by
(published on behalf of TPF and Marketing Committee)
With the end of the year quickly approaching, The Perl Foundation want to thank you for all that you do in supporting us. Your support has allowed us to make significant strides in advancing the Perl and Raku languages, and the software behind them. There is, however, much work that still needs to be done.
As you consider your year-end philanthropy, we want to highlight a few strategies that may reduce your tax liability. Your gift to The Perl Foundation may be tax-deductible, so now is a great time to help us pave the way for another successful year at TPF.
(Please consult your tax advisor for information on your specific circumstances. This article should not be considered tax or financial advice).
**Gifts of Cash - Extensions for 2021**
"Above-the-Line" Deduction for Cash Gifts Extended and Expanded in 2021 - The $300 above-the-line deduction established in 2020 for gifts of cash by a non-itemizer (excluding donor advised funds or supporting organizations) has been extended and expanded to $600 for those filing jointly for the 2021 tax year. So, even if you are not planning to itemize your deductions for 2021, you can still take advantage of this tax benefit. Speak to your accountant and [make donations.](https://www.perlfoundation.org/payments.html)
**Increase in Charitable Deduction Limit**
The increase in the itemized deduction for cash contributions to public charities of 60% to 100% of adjusted gross income has been extended to include the 2021 tax year. Speak to your accountant and [make donations.](https://www.perlfoundation.org/payments.html)
**Additional Tax Advantageous Giving Strategies**
Gifts of Long-Term Appreciated Securities: In many cases, a gift of long-term appreciated securities is more tax advantageous than giving cash because capital gains taxes can be avoided. This can be especially useful in optimizing your tax benefits if you are not itemizing deductions in a given year.
IRA Charitable Rollover Gifts: If you are 70 years and six months of age or older, the IRS may allow you to make a qualified charitable distribution of up to $100,000 directly to The Perl Foundation from a traditional Individual Retirement Account (IRA). The benefit of donating through a rollover is that you will be able to avoid reporting the income.
Speak to your accountant to learn more about theses two options.
Thank you for being such an important part of our work at The Perl Foundation. Your support makes it possible for us to do the daily work growing Perl and Raku.
Well written! Useful, comprehensive, to-the-point.