Good news! With the recent passing of the CARES Act, there are new tax rules that may have a positive impact for you AND Barnabas. The following two opportunities are available to ALL taxpayers but hurry, they expire on 1.1.2021 and are only good for the 2020 tax year:
- Non-itemizing taxpayers can deduct up to $300 in charitable contributions in tax year 2020! (let’s hope Capitol Hill reacts and makes this a permanent provision).
- Itemizing taxpayers can take charitable deductions for this year up to 100% of your adjusted gross income (AGI).
(The cap on such deductions in prior years has been up to 60% for cash gifts and a lower percentage for non-cash contributions).
We hope you will contact your financial planner for additional information and take advantage of these new but short-lived opportunities!
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Thank you, in advance, for your consideration and willingness to help our neighbors in need.
