New Tax Benefit for Donors in 2020!
The United States is known as a country of givers who make possible the fulfillment of charitable missions. Because of the pandemic donations have been greatly impacted. So the government acted with the CARE’S Act to stimulate the economy and giving.
You can donate to charities that you care about such as the Benedictine Sisters of Florida and receive a significant tax benefit in 2020. Non-itemizers can donate $300 and take that full amount off their Adjusted Gross Income. This makes it easier to give and save at the same time.
In the past taxpayers were limited to a deduction of 60% of their Adjusted Gross Income for cash gifts. That limit, lifted for 2020, will probably be extended through 2021.
Of course, you are always advised to check with your tax advisor for what is best in your circumstance. If we can be of assistance, please call Faith Pridmore, CFRE on her cell phone: (941) 586-3112.