Save Tax Money Now

With 2020 winding down, I want to make sure you’re aware of several time-sensitive tax benefits provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act:

• Donors who itemize tax returns may now deduct up to 100% of their 2020 adjusted gross income (AGI) for charitable gifts made in cash (increased from 60%).

• Donors who do not itemize tax returns may now take an additional “above-the-line” deduction for charitable gifts made in cash of up to $300.

As always, seek legal and tax advice for your individual situation.

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