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The Pennsylvania Thoroughbred Horsemen’s Association (PTHA) works hard to protect and provide for the Parx Racing horsemen through the guarantee of live racing, horsemen’s rights, health care and pension for horsemen, benevolence programs, and more.

 

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Tomarie wins the Spring Starter Leg II under Adam Bowman

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Pennsylvania Thoroughbred Horsemen's Association (PTHA)

  /  Backstretch Buzz   /  Consider an End-of-Year Donation to Turning for Home, Inc.

Consider an End-of-Year Donation to Turning for Home, Inc.

https://www.irs.gov/about-irs/the-irs-encourages-taxpayers-to-consider-charitable-contributions

Due to this special provision, many people may not realize that if they make a cash donation to a qualifying charity before the end of 2021, they can get a deduction of up to $300. Even better, it’s easy to report when filing Form 1040 in 2022 electronically. The deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations.

Deductions for Individual Charitable Cash Donations up to $600

Just like last year, individuals, including married individuals filing separate returns, who take the standard deduction can claim a deduction of up to $300 on their 2021 federal income tax for their charitable cash contributions made to certain qualifying charitable organizations. For married individuals filing a joint return, the maximum deduction is increased to $600.

Under the temporary law, taxpayers don’t need to itemize deductions on their tax returns to take advantage of this, which creates tax-favorable donation options not normally available to about 90 percent of tax filers. Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their charitable contributions.