CARES ACT Tax Benefits - Available in 2021!

Individuals who claim the standard deduction, may be able to deduct up to $600 for cash charitable contributions made to qualified 501(c)(3) charities during 2021! This “above-the-line” deduction of up to $600 lowers both adjusted gross income and taxable income – translating into tax savings!

For individuals who itemize their deductions, you may deduct up to 100% of your Adjusted Gross Income (AGI) for cash charitable contributions to qualifying 501(c)(3) charities. So if your 2021 AGI is $200,000, you may be able to deduct up to $200,000 in charitable donations!

For corporations, you are eligible for a deduction of up to 25% of your taxable income for charitable contributions made to qualifying 501(c)(3) charities.

Employer Match Programs

Please check with your employer to see if they will match your donation to Masjid DarusSalam. This is a great opportunity to double or triple your donation in some cases.

Many employers like Dell, Bank of America, GE, Abbott, AbbVie, UNC Healthcare, NYSE, US Bank, JP Morgan Chase, and more will match your donations!

To take advantage of this opportunity, please contact your employer or contact us at 630.360.2373 and we will assist you inshaAllah.

Stock and Other Appreciated Assets

Don't sell your stocks, instead consider gifting stocks and other appreciated assets to Masjid DarusSalam for potential savings of income and capital gains taxes.

Donating your stocks directly to a charitable organization will result in a greater charitable donation and savings of taxes.

All stock transfers must also be completed by Friday, December 31, to be counted for tax purposes for 2021.