Lower Your Tax Bill and Help a Worthy Cause
Tax Day is Thursday, April 15, only 10 weeks away, and 2021 is just beginning. Get ready to accomplish your goals. We have some hints and tools to help you get started:
Check your cash gifts from last year
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes helping charities, including the special $300 deduction designed especially for people who choose to take the standard deduction, rather than itemizing their deductions. Under this new change, individual taxpayers can claim an "above-the-line" deduction of up to $300 for cash donations made to charity during 2020. This means the deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations. Your cash gifts to charities last year can help lower your overall tax bill even if you don’t itemize, so don’t forget them!
Give cash again in 2021
For the 2021 tax year, the charitable deduction is even better, at least for those who file a joint return. Last year, the charitable limit was $300 per “tax unit” – meaning that those who are married and filing jointly can only get a $300 deduction. For this year, however, those who are married and filing jointly can each take a $300 deduction, for a total of $600. Because most people don’t itemize, this is a way to help charities get through the pandemic and provide standard-deduction donors with a bigger tax break.
Take care of your family
Ochsner has partnered with FreeWill to provide our patients, supporters and current and retired staff with an easy-to-use online tool that allows you to create a valid will. The website asks you questions about your individual situation and drafts a document that reflects your wishes. FreeWill’s online tool makes it easier than ever to protect the people and causes you care about. It takes 20 minutes or less to complete, can be used to create a list of documented wishes if you have a more complex estate (which can save you time when you consult with an attorney), and is 100% free to use, with no obligations.
The FreeWill website has enabled many to get peace of mind for their family’s future and support the future of healthcare across our region. During this difficult time, when many of us have been avoiding public interactions, we have been excited to provide a free, secure resource that makes it easy and fast to plan and protect what and who you love. Go to Freewill.com/Ochsner to get started!
If you have any questions or would like to discuss different ways to support Ochsner, please contact me at 504-842-6585 or [email protected], or check out our website:
Learn more about supporting Ochsner.