2020 Year-End Giving Tips
#1: Charitable Giving Deductions up to $300
If you take the standard deduction on your income tax, you can deduct up to $300 beyond the standard deduction this year. This giving provides direct savings on your income taxes.
#2: Charitable Giving For Those Who Itemize
If you itemize your deductions, the IRS will allow you to deduct up to 100% of your adjusted gross income (AGI) when you file your 2020 tax return. If your contributions exceed the 100% limitation, the excess contributions may be carried over for the next five tax years.
This is unprecedented—and may be a real tax-advantaged opportunity if you have financial resources that are beyond your personal needs. If your giving exceeds your income this year, the deduction is eligible to roll over for use in future years as well.
#3: Business owner?
If you own a business, you can take an additional 15% contribution. That means that now you can take 25% against your corporate taxable income. If a corporation’s contributions exceed the 25% limitation, the excess contributions may be carried over for the next five tax years.
This does not constitute legal or financial advice. Please consult your tax advisor or your financial advisor before making any decisions on applying these opportunities.
Planning Your Giving
As part of giving with a generous heart, we encourage you to consider planning your giving and setting up regular recurring giving. This easy to do online HERE.
If you have questions or need clarification, please don’t hesitate to contact our office.
We appreciate your continued support of God’s work through Fellowship Bible Church. We make every effort to make the best use of the resources with which you have entrusted us.
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