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Good news regarding tax deductions for donors!
Recent tax changes as part of the Stimulus Package have increased charitable giving opportunities.
Effective immediately for the 2020 tax year, people will be able to deduct up to $300 in charitable donations irrespective of whether or not deductions are itemized.
Larger gifts will yield donors a much higher deduction than last year. Under current law, an individual may deduct up to 60% of adjusted gross income (AGI) for charitable deductions of cash. The stimulus package lifts that restriction, so that an individual can make a gift, (only of cash, not stock) and deduct it up to 100% of their AGI for the year 2020. This could allow a person to make charitable gifts that eliminate their tax burden. Because this is an election year, donors who want to use this provision must tell the IRS. Any contributions in excess of total AGI may be carried forward for up to five additional years, which is yet another benefit and planning tool.
Of course, we are not tax advisors. We have merely included information that we received from a not-for-profit website. Please consult with your own advisors as to the deductibility of donations given your personal situation.