Tis the season to think about your taxes.
Yes, year-end is just a couple of days away, and it’s time to think about the tax-deductible benefits of charitable giving.
“Our nation’s charities are struggling to help those suffering from COVID-19, and many deserving organizations can use all the help they can get,” said IRS Commissioner Chuck Rettig. “The IRS reminds people there’s a new provision that allows for up to $300 in cash donations to qualifying organizations to be deducted from income. We encourage people to explore this option to help deserving tax-exempt organizations – and the people and causes they serve.”
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes helping charities, including the special $300 deduction designed especially for people who choose to take the standard deduction rather than itemizing their deductions.
Under this new change, individual taxpayers can claim an “above-the-line” deduction of up to $300 for cash donations made to charity during 2020. This incentive means the deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations. (irs.gov)
All this means is that you can make a donation to Pure Game today and reap the benefits of a tax deduction when it comes time to file your taxes.
The options are:
- The taxman gets more of your money
- A kid receives the benefits of the Pure Game program
I hope you choose option #2 and get a sense of doing something right to make you feel good.
The Charities Aid Foundation survey found the top motivating factors for charitable giving are all positive ones. Ninety-seven percent of donors say their values motivate them to give, 96% cite their sense of ethics, and 75% note their belief in a specific cause. And 42% agreed the positive feeling they got from donating was a key factor in their decisions to give.