Tax Benefits only Available for 2020

Two important opportunities to increase charitable giving were included in the CARES Act, but time is running short! December 31 is the deadline for taking advantage of these provisions.

• “Above the line” cash donations of up to $300 are allowed for any taxpayer! This year, even for those who do not itemize deductions, it is possible to get this tax benefit before year-end!
• Since 2017, taxpayers have been limited to making charitable contributions that do not exceed 60% of Adjusted Gross Income (AGI). For 2020 only, however, that limit has been removed, and taxpayers who want to truly maximize their giving are allowed to contribute up to 100% of their 2020 AGI.

These new provisions only pertain to tax year 2020, so contributions must be made by December 31 in order to qualify. They must be cash donations (not gifts of appreciated stock, for example) and cannot be made to private foundations or donor-advised funds; gifts must be made directly to a qualified charity (True Concord, for example!).

For more information, please talk with your tax professional.

And to make your gift safely and securely to us, click here or call us at 520-401-2651.