Lion Cherie talks about Charitable Giving
Dear Fellow Lions,
Our presentation last night included a big push for Lions to donate individually and as a group. I left my materials at home but I believe that the deduction qualifies for this tax credit.
This whole letter is less polished than I would like it to be but I am sending it out so this information does not get buried. Our resident CPA, Renae Schaeffer, highlighted this deduction and the attached is from her “Accounting Today” publication so it is from a reliable source.
I thought others might appreciate knowing. Even if they don’t give to the Lions but another qualified organization, those donations would mean a lot this year!
I am including Lee to see if he can find a way to put it on the website and I will try to incorporate it with my post from last night’s meeting.
1. Use above-the-line charitable deduction
Everyone is entitled to a charitable deduction this year. The Tax Cuts
and Jobs Act doubled the standard deduction while repealing or
limiting many itemized deductions, leaving millions fewer taxpayers
claiming actual itemized deductions. Typically, there is no tax benefit
for giving to charity unless you itemize deductions.
However, the CARES Act created an above-the-line deduction of up to $300 for
cash contributions from taxpayers who don’t itemize. To take advantage of this provision,
taxpayers should make sure to donate before the end of the year.
Hope you all have a great weekend.