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Posts tagged charitable giving.
By Keith Grissom on March 31, 2020 at 5:00 PM

President Trump signed into law on Friday, March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act, to help individuals and businesses affected by COVID-19. This legislation has brought about sweeping changes meant to provide relief to individuals and businesses. As part of the CARES Act, certain changes were made with respect to tax benefits to incentivize charitable giving.

$300 Cash Contribution Deduction. Beginning in 2020 and each year thereafter (this is not limited to only 2020), individuals can take a $300 above-the-line deduction for cash contributions to charities, regardless of whether or not the individual itemizes deductions.

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By Keith Grissom on November 20, 2018 at 10:40 AM

Calculator on top of a tax return, focused on the charitable giving portion of the form.The Tax Cuts and Jobs Act of 2017 brought a myriad of changes to the tax law, including for individual taxpayers. While certain deductions that were available to individuals have now been limited — e.g., the $10,000 limit on the state and local income tax (SALT) deduction — the standard deduction has increased to $24,000 for a married couple filing jointly and $12,000 for single filers. In 2017, the standard deduction was $12,700 for a married couple filing jointly and $6,350 for single filers.

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By Andrew Wolkiewicz on April 6, 2018 at 9:50 AM

Four hands raising bidding paddles in the air at an auction“Any other bids? And….sold to No. 45 for $1,500!”

Yes! You have outbid the other contenders at the local humane society’s charity auction to win a five-night stay at a condo in Destin, Florida, in August. You think, “Not only did I get a great vacation, I also get a tax deduction for my donation!” Or do you?

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By Andrew Mitchell on June 20, 2017 at 2:10 PM

Hands giving money through a computer screenHave you ever donated money to a good cause, such as emergency health care for an injured person or assistance for someone who has unexpectedly lost a loved one? Have you used a website such as GoFundMe to make your donation? Or even better, have you created, or considered creating, a campaign on such a website to collect money and then distribute the money to the person in need? If so, you may want to know the potential tax consequences and reporting requirements related to your generosity.

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By Elizabeth Pack on December 27, 2016 at 9:15 AM

One hand giving a red heart to anotherRetirement accounts such as IRAs, 401(k) and 403(b) plans and other qualified plans or profit-sharing plan accounts may provide an opportunity for charitable giving by offering a variety of tax benefits, depending upon the structure.

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