NEW 2020 Tax Benefits for Charitable Giving:
The Covid-19 CARES Act signed on March 27 provides several provisions designed to encourage charitable giving in 2020. The Act makes a new deduction available for up to $300 of charitable gifts. All taxpayers can derive benefits from making up to $300 of charitable gifts even if you don’t take an itemized deduction. In addition, there is no cap on the amount of charitable deductions you can take as an itemized deduction for 2020, the Act eliminates the percentage limitations on most cash gifts to public charities like the West Coast Sports Medicine Foundation (Tax ID # 95-4497009). Consult your tax advisor to learn about the new Act's benefits of donating in 2020.