After completing last year’s taxes, many people are now reviewing their tax and estate plans for next year. The CARES Act now offers a new opportunity for giving at any level. Taxpayers, even those who do not itemize, can deduct $300 in charitable giving to public nonprofits in 2020. Prior to the CARES Act, those who took the standard deduction could not deduct any charitable giving. In addition, for those who itemize their taxes the CARES Act significantly raises the amount of charitable giving deductible from 60% of filers’ adjusted gross income (AGI) to 100% of AGI.
With your eyes on the future, please consider making a planned giving charitable rollover gift from your IRA. Stock or mutual fund transfers are also a tax-beneficial way to donate. Contact your advisor or Annie Hager at firstname.lastname@example.org for more information on these advantages.
We understand that you have many charitable options and are grateful for your commitment to the growth of CDU.