CARES Act and Charitable Giving
Posted October 01, 2020
THIS YEAR ONLY
The remaining months of 2020 provide an extraordinary opportunity to donate to the Goathouse Refuge and other charities of your choice and reap some of the same highly favorable benefits afforded corporations and the very wealthy.
THE C.A.R.E.S ACT, PASSED BY CONGRESS THIS SPRING TO COMBAT THE COVID-19 PANDEMIC, ALLOWS ALL U.S. TAX PAYORS THAT ITEMIZE, TO DEDUCT CHARITABLE DONATIONS MADE BEFORE DECEMBER 31, 2020 UP TO 100% OF THEIR ADJUSTED GROSS INCOME (AGI) AND CARRY THE EXCESS DEDUCTION FORWARD FOR FIVE YEARS!
—-This includes cash and in kind contributions to qualified charities, such as the Goathouse Refuge. It also includes 100% of the market
value of donations of your appreciated stock or 100% of the donation of your required minimum distribution from your tax qualified
retirement account (IRA or 401-k).
*You should be sure to consult your financial advisor or tax professional for advice as to your particular circumstances
