Tips for Giving in 2020
If charitable giving is in your budget for the year-end giving season, hereโs some tips and tools that we hope will be practical and useful.
Tips and Tools for Year-End Charitable Planning*
The 2017 tax reform and pandemic-related economic relief acts have changed the picture for several tax and contribution rules. If charitable giving is in your budget for the year-end giving season, hereโs some tips and tools that we hope will be practical and useful.
The CARES Act:
New deduction for non-itemizers
Taxpayers who donโt itemize may now deduct up to $300 per year in charitable contributions. you can go to multiple sites providing more detailed information; here are some reputable sites to explore: NOLO, Philanthropy.com, Fidelity Charitable
Workplace Giving:
Are you a federal or state employee?
CFH participates in the Combined Federal Campaign (#99704) and the NY State Employee Federated Appeal (#51-00481). Please consider selecting CFH for your support.
IRA Contributions:
In addition, the CARES Act changed the rules for making contributions from your IRA. For more information, some helpful links are provided here: IRS, Fidelity, The Balance.
*The suggestions and resources provided above are not intended as tax advice or endorsements of any source by CFH. Please seek professional advice for your personal, financial situation.
