Article from SYRCL today: everyone gets to deduct their donations per the recent CARES Act.
(This information mostly cribbed from other sites, is for educational purposes only. Since we’re not tax experts here at SYRCL, below are some resources you can take to your accountant or tax advisor.)
The new Coronavirus Aid, Relief & Economic Security (CARES) Act gives a tax benefit to anyone donating to a qualified nonprofit organization in 2020.
Many of the organizations you care about are registered 501(c)3 nonprofits. You can find most of them listed here on Mother Lode Trails under the LINKS tab - just click on TRAIL ADVOCACY ORGANIZATIONS.
http://www.motherlodetrails.org/trail-advocacy-organizations.html
For the tax year 2020, anybody can claim an above-the-line deduction for charitable cash gifts up to $300, even if they don’t itemize their deductions on their tax returns.For individuals who do itemize their deductions, the limit on deductions for contributions, ordinarily 50% of adjusted gross income (AGI) or 60% for cash, is suspended for 2020.
For corporations, the limit on deductions for contributions, ordinarily 10% of AGI, is elevated to 20% for 2020.
There are some exclusions.
The new deduction would not apply to noncash gifts or to gifts contributed to donor advised funds.
This information above, mostly cribbed from other sites, is for educational purposes only. Since
we’re not tax experts here at SYRCL, below are some resources you can take to your accountant or tax advisor.
To see the original article, CLICK HERE to take you to the SYRCL website.
(This information mostly cribbed from other sites, is for educational purposes only. Since we’re not tax experts here at SYRCL, below are some resources you can take to your accountant or tax advisor.)
The new Coronavirus Aid, Relief & Economic Security (CARES) Act gives a tax benefit to anyone donating to a qualified nonprofit organization in 2020.
Many of the organizations you care about are registered 501(c)3 nonprofits. You can find most of them listed here on Mother Lode Trails under the LINKS tab - just click on TRAIL ADVOCACY ORGANIZATIONS.
http://www.motherlodetrails.org/trail-advocacy-organizations.html
For the tax year 2020, anybody can claim an above-the-line deduction for charitable cash gifts up to $300, even if they don’t itemize their deductions on their tax returns.For individuals who do itemize their deductions, the limit on deductions for contributions, ordinarily 50% of adjusted gross income (AGI) or 60% for cash, is suspended for 2020.
For corporations, the limit on deductions for contributions, ordinarily 10% of AGI, is elevated to 20% for 2020.
There are some exclusions.
The new deduction would not apply to noncash gifts or to gifts contributed to donor advised funds.
This information above, mostly cribbed from other sites, is for educational purposes only. Since
we’re not tax experts here at SYRCL, below are some resources you can take to your accountant or tax advisor.
To see the original article, CLICK HERE to take you to the SYRCL website.
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