There's still time for potential donors (corporate and individual) to take advantage of the CARES Act tax incentives for charitable contributions!
Here's the scoop:
- The new law allows all taxpayers to take a charitable deduction of up to $300, even if you do not itemize.
- For those who do itemize their deductions, the new law allows for cash contributions to qualified charities to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
- The new law temporarily suspends the requirements for required minimum distributions (RMD) for the 2020 tax year. Many donors use their RMD to make a gift from their IRAs. If you are 70½ or older, you can still make a gift from your IRA or name us as a beneficiary. In addition, there are some new ways you can receive financial benefits and help the charities you care about.
- The new law increased cash contribution limit from corporations from 10%- 25% in 2020. Charitable deductions from corporations in excess of 25% may be deducted for up to 5 years under the usual limits.
Carille Greenberg Ribley/The Grant Whisperer Touch
Source: Neumann University