VOTE FOR COMPASSION FOR ALL!
In these challenging economic times, many worthwhile charitable organizations find themselves in a precarious financial position. Meanwhile, they are experiencing unprecedented demand, especially those charities who provide basic needs like food and shelter.
Thankfully, new, unique provisions in the tax code have been implemented in response to the COVID-19 crisis, creating more incentives for giving. You may be able to better leverage your donations with tax-smart strategies. So, if you’re able to extend your generosity during this time of increased need, it may be an opportune year to make contributions to charity.
Everyone can claim a deduction
In 2020, the standard deduction is $12,400 for a single tax filer or $24,800 for a married couple filing a joint return (even more for those age 65 or over). Your itemized deductions would need to exceed those levels to benefit from itemizing. Those who don’t typically itemize are not able to deduct…
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