Special 2020 COVID Income Tax Provisions for Charitable Donations!
Take Advantage before the end of the year!
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress with overwhelming, bipartisan support and signed into law on March 27th, 2020. Due to the current COVID-19 crisis, provisions have been made to the CARES Act regarding charitable donations. Please see the list of provisions below:
If you do not Itemize:
- There is a $300 CHARITABLE DEDUCTION FOR ALL.
- Even if you do not itemize deductions on your taxes, your gift can reduce your 2020 taxable income by up to $300 ($600 for couples). This is a special benefit for 2020.
If you Itemize:
- There is a 100% DEDUCTION ALLOWANCE FOR CASH GIFTS TO CHARITIES.
- For the 2020 tax year only, individuals may deduct cash gifts up to 100% of their adjusted gross income (AGI) compared to the typical 60% allowance.
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DEADLINE IS DECEMBER 31, 2020