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Giving Strategies as The Year Comes to a Close

Guest Blogger
Posted by Guest Blogger on 1:00 PM on December 8, 2021

Guest blog by Laura Tanner, 
Major Gifts and Planned Giving Officer 

Home has never been more important. When you donate to Twin Cities Habitat for Humanity, you protect homeowners, expand homeownership opportunities, and create an impact that multiplies for generations. You can give the gift of home this holiday season.

Make the most of your year-end giving to Twin Cities Habitat for Humanity using time-limited tax provisions.

As a result of the Consolidated Appropriations Act stimulus package, CARES Act charitable giving provisions were extended into 2021 to encourage charitable giving when it means the most to local organizations—including Twin Cities Habitat. With that extension, the deadline to capture these benefits is December 31, 2021.

Read on for how you can maximize your charitable donations this year!

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Charitable Giving Strategies under the CARES Act 2020

Non-Itemizer Charitable Deduction Expanded

Until the end of the year, there is a special giving opportunity for people who take the standard deduction and do not itemize their federal taxes.

  • $300 above-the-line charitable deduction has been extended for single filers who do not itemize deductions.
  • For 2021, this above-the-line deduction is increased to $600 for married couples filing jointly who do not itemize tax deductions.
  • As in 2020, this deduction applies only to qualified cash contributions. It does not apply to cash contributions made to donor-advised funds or supporting organizations.

What does that really mean for you? It means your donation will earn you a dollar-for-dollar tax credit of up to $600 on your federal taxes, even if you don’t itemize your taxes.

If you do not itemize at the federal level, you may also be eligible for Minnesota’s charitable deduction. Minnesota’s charitable deduction, also known as the non-itemizer charitable deduction, provides a 50 percent tax deduction for total charitable contributions over $500. This state-level non-itemizer charitable deduction does not expire in 2021.

“Unlimited” Charitable Deduction for Itemizers

Second, people who itemize their taxes can deduct much greater amounts of their contributions. Individual taxpayers who do itemize deductions and contribute cash to a public charity, like Twin Cities Habitat for Humanity, may deduct up to 100% of their adjusted gross income (“AGI”). Individual taxpayers can continue to carry forward any excess charitable contributions for five years.

Please note these are general charitable tax strategies for 2021. Read more about tax-savvy giving on our blog and talk with your financial advisor or tax planner for advice specific to you.

Deborahs family group hug

Make sure your gift gets counted in 2021
Here are tips to ensure your gift counts in the 2021 tax year!

Give Online

Use our secure online form to make a one-time or recurring gift using a credit card or bank transfer. Contributions made online must be completed by 11:59 p.m. CT on December 31 to be eligible for 2021 tax benefits. 

It's quick and easy, and you'll know for sure that your gift is completed before the year's end.

Give by Phone

Contact Twin Cities Habitat for Humanity’s gift team at 612-305-7183. Please have your credit card ready and call during normal business hours, Monday to Friday, 9:00 a.m. to 5:00 p.m., except holidays (listed below).

Give by Mail

Donate with a check, payable to Twin Cities Habitat for Humanity, that's dated and postmarked by December 31 to 1954 University Avenue, St. Paul, MN 55104.

Holiday Time

Please note Twin Cities Habitat donations team will not be available from December 24 - 31. Donations staff will return on January 3 ready to prepare acknowledgment letters recognizing end-of-year gift dates and postmarks. If you wish to make a gift during this time, please make a secure gift online. You can also find more info on how to make a stock or IRA gift, or how to make a gift through your Donor-Advised Fund.

Please Give Generously

Your gift will make a positive impact on local families and communities. When you donate, you help build an equitable Twin Cities region where all families have access to the transformational power of homeownership.

Thank you for coming together to create, preserve, and promote affordable homeownership and advance racial equity in housing.

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Tags: 2021

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