TODAY IS GIVING TUESDAY!
Giving Tuesday is the first Tuesday after Thanksgiving. People around the world are giving time, money, and goods to support communities and causes on this special day. Those inclined to give are reminded that in addition to supporting the good work of non-profits, there is also an opportunity to reduce your federal income tax for 2020!
As part of the CARES Act, all taxpayers, whether you itemize or not, can receive an "above the line" tax deduction for up to $300 of cash contributions to eligible organizations.
For the purposes of this deduction, eligible organizations are those that are religious, charitable, educational, scientific, or literary in purpose.
The limitation of charitable deductions to 60% of adjusted income was also relaxed for 2020.
Please contact your trusted Bodine Perry advisor for more information. As always, we appreciate the trust and confidence that you place in our firm.