DRW Financial
  • Home
  • Contact
  • Blog
  • ADV, Privacy, Disclaimers
  • Home
  • Contact
  • Blog
  • ADV, Privacy, Disclaimers
Search by typing & pressing enter

YOUR CART

11/24/2020

Charitable giving opportunity for 2020

Picture

One special provision in the CARES Act can help you and your favorite charity

The last few years have featured many changes in tax laws, and it can be easy to feel overwhelmed or lost in those changes, but there is one new rule that can provide a pretty straightforward benefit for most tax payers AND one or more of the philanthropic causes they support.

The short version, per a quote from the IRS wesbite:
...taxpayers who don't itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For the purposes of this deduction, qualifying organizations are those that are religious, charitable, educational, scientific or literary in purpose. The law changed in this area due to the Coronavirus Aid, Relief, and Economic Security Act.

Deduct up to $300 from taxable income, without "itemizing"

Historically, to deduct charitable giving on a personal tax return required that the tax payer "itemize", and when the "standard deduction" doubled recently, many taxpayers found it difficult to itemize enough deductions to be worthwhile.  This new provision in the CARES Act allows taxpayers to deduct up to $300 without itemizing.

For detailed questions on your taxes, I recommend speaking with a CPA or Enrolled Agent.

For more insights on charitable giving, philanthropic planning, and how to align your finances with your values, please consider engaging an advisory firm like DRW Financial.  David holds the Chartered Advisor in Philanthropy® designation, and loves working with non-profits and their donors.

    Author

    David R Wattenbarger, president of DRW Financial

    Archives

    June 2022
    May 2022
    April 2022
    January 2021
    November 2020
    May 2020
    March 2020
    February 2020
    November 2019
    August 2019
    September 2018
    February 2018
    December 2017
    November 2017
    March 2017
    February 2017
    October 2016
    September 2016
    January 2016
    November 2015
    September 2015
    June 2015
    March 2015
    December 2014
    October 2014
    September 2014
    August 2014
    June 2014
    May 2014
    April 2014
    January 2014
    December 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013

    Categories

    All Survey Video

    RSS Feed

Powered by Create your own unique website with customizable templates.