I’m certainly no tax accountant and this is not tax advice. Please consult your tax accountant for more details.
BUT did y’all know about the CARES Act and what that means for charitable giving in 2020?
If you are considering donating to PFLASA to support LASA 100%, please look into this and possibly claim more! Thank you so much!
On March 27, the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act to help combat the far-reaching impacts of COVID-19. The bill provides increased tax incentives for charitable giving for both individuals and corporations, signifying an intent to stimulate philanthropy throughout America.
Are you itemizing deductions?
The adjusted gross income (AGI) limit for cash contributions was increased for individual donors. For cash contributions made in 2020, you can now elect to deduct up to 100 percent of your AGI (increased from 60 percent).
The CARES Act allows for an additional, “above-the-line” deduction for charitable gifts made in cash of up to $300. If you are not itemizing on your 2020 taxes, you can claim this new deduction.
The Coronavirus Aid, Relief and Economic Security (CARES) Act includes temporary tax incentives for individual and corporate donors. Be sure to understand how the provisions may impact your charitable contributions in the 2020 tax year.