Did you know you could deduct up to $300 for charitable giving in 2020, in addition to the standard deductions? Did you also know that if you itemize, you can deduct donations up to 100% of your 2020 adjusted gross income for cash gifts to charities like Hear Indiana?
Because the majority of taxpayers in America take the standard deduction (meaning they do not elect to itemize), charitable donations aren’t necessarily a big consideration come tax time.
Due to the CARES Act, however, things are a bit different for 2020. Thanks to the federal coronavirus relief legislation, taxpayers are now able to take advantage of a new deduction for donating to Hear Indiana!
Individual filers can deduct up to $300 even if they don’t itemize, which is good news for many! Also this year, donors who do itemize can now claim cash contributions up to 100% of their adjusted gross income on their 2020 returns, which is up from 60% in previous years.
*Always consult with your CPA or tax consultant.
Donate Long-term Appreciated Securities:
Did you also know that you can donate stocks, bonds, and mutual funds? Make a bigger impact by donating long-term appreciated securities, including stock, bonds, and mutual funds, directly to Hear Indiana. Compared with donating cash, or selling your appreciated securities and contributing the after-tax proceeds, you may be able to automatically increase your gift and your tax deduction.
How does it work? It’s simple and easy. When you donate stock to Hear Indiana, you’ll take a tax deduction for the full fair market value. And because you are donating stock, your contribution and tax deduction will be enhanced.
Don’t miss out. Give today.