Universal Deduction for Donations Up to $300
For the over 9 out of 10 people who no longer itemize their charitable giving, the 2020 CARES Act will allow these individual taxpayers to deduct donations to charity of up to $300 on their 2020 federal tax return, even though they take the standard deduction. Married-filing-jointly taxpayers will get an above-the-line deduction of up to $600.
Raising the Charitable Giving Deduction Cap
For those donors who are still able to itemize their deductions, and therefore directly write off gifts to charity, the current deduction cap is 60% of adjusted gross income*. Corporations are able to deduct charitable donations up to 10% of taxable income.
*An organization called the Foundation Group at www.501c3.org has called to our attention the great opportunities for 2020 calendar year charitable giving. There are now special options for donating to charity. To see the entire article they wrote click here.
To take advantage of this fantastic opportunity and donate to the American Cancer Fund, click here for the online donation or mail a check to:
American Cancer Fund
PO Box 7262
Hillsborough, NJ 08844-7262
Yes you CAN help save more lives.