New tax incentives for 2020
The CARES Act expands charitable giving incentives and allows taxpayers to take a charitable deduction of up to $300 for those who take the standard deduction.
For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as the Michigan 4-H Foundation to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
To explore this option further, contact Amanda Masters at by e-mail at firstname.lastname@example.org.
Consulting with personal legal counsel and/or a tax adviser for definitive assessment of the tax benefits of and limitations on planned gifts is also recommended.