William Blair's tax reference guide for income earned in 2021 and tax returns filed in 2022 is now available. The guide provides the latest information on tax rate schedules, exemptions, and contributions to savings plans.
In addition, the Cares Act—passed in March 2020 to provide relief to those most impacted by the coronavirus—encouraged charitable giving by offering enhanced incentives to donate to public charities. Certain charitable provisions have been extended for the 2021 tax year:
- If you itemize deductions, you can make a cash charitable deduction of up to 100% (previously 60%) of your adjusted gross income and claim it as a charitable deduction.
- If you do not itemize deductions, you can deduct up to $300 (individual) or $600 (joint filers). Note: in 2020, the limit was $300 for both individuals and joint filers.
2021 Tax Reference Guide
2020 Tax Reference Guide
Contact your William Blair advisor for more details or adjustments you might need to make regarding tax efficiency, retirement planning, philanthropic strategies, and business and estate planning.
Tax Filing Date Extended for 2020
The IRS announced this month it extended the deadline to file 2020 tax returns to May 17.
This information has been prepared for informational purposes and is not intended to provide, nor should it be relied on for, accounting, legal, tax, or investment advice. Please consult with your tax and/or legal advisor regarding your individual circumstances.