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SPECIAL 2020 GIVING OPPORTUNITIES
The Cares Act has created some giving opportunities exclusively for 2020.
Limitations on giving to a church or non-profit have been lifted and you can give as much as 100% of your AGI (Adjusted Gross Income). This is an opportunity for those planning major cash gifts to eliminate or greatly reduce income taxes in 2020.
Transferring stock is an excellent way to avoid capital gains taxes by transferring stock directly to the church for its full value.
For those who take the standard deduction in 2020, you are allowed to deduct up to $300 in contributions over and above the standard deduction.
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