Deduct Your Donation
Did you know???
Included in the COVID-19 Stimulus Package is a New Universal Tax Break For Charitable Donations? You can receive an ADDITIONAL Federal tax deduction on top of the standard deduction for 2020!
The new stimulus bill contains a one-time, above-the-line deduction for cash contributions of up to $300 made to qualifying charities. All taxpayers are eligible to take the deduction, even people who use the standard deduction. The incentive applies to contributions made in 2020 and that are claimed on tax forms next year. The new deduction does not apply to non-cash gifts or to gifts contributed to donor advised funds.
For the eight percent of individual taxpayers who itemize their deductions, the bill suspends for 2020 the normal limit on deductions for contributions, ordinarily 50 percent of adjusted gross income (AGI) or 60 percent for cash. For corporations, the limit on deductions for contributions, ordinarily 10 percent of AGI, is elevated to 25 percent for 2020.