Charitable boomerang available in Jones County!

What if someone paid you back just for being generous? It would be a win-win. The charitable causes you support would be healthier thanks to your donation, and you’d get money back in your pocket. 

That was the idea behind last year’s federal coronavirus relief legislation, the CARES Act, and the good news is that some provisions like the one that pays you back for giving have been extended into 2021. 

Think of it as a charitable boomerang — you give something and get something in return. For the vast majority of people who don’t itemize their tax deductions, the CARES Act extension allows individuals to give up to $300 to charity and deduct that amount on their 2021 taxes. Couples filing jointly see that amount double to $600. 

What that could mean for your federal income tax savings: 

A couple in the 32% tax bracket making a $600 gift could save $192. 

An individual in the 22% tax bracket making a $300 gift could save $66. 

For those who do itemize their deductions, the CARES Act extension allows for charitable deductions of up to 100% of individuals’ adjusted gross income. Furthermore, corporations can deduct charitable gifts up to 25% of taxable income, making giving through corporate match programs even more beneficial this year. 

If you aren’t sure what causes to support, the Jones County Community Foundation offers many options for you to help strengthen your community. One is the Jones County Community Foundation Disaster Relief Fund, which enables you to help address our greatest needs related to the COVIID-19 Pandemic — whatever they might be. Learn more and see a full list of our options for charitable giving at dbqfoundation.org/jccf. We are here to help you with whatever type of gift you choose to make. Give online, call 319.551.3402 or email jccf@dbqfoundation.org for more information.