The end of the year is quickly approaching and now is the perfect time to create a charitable win/win. Make sure you do not miss this window of opportunity to make the most impact and benefit from the 2020 tax deductions offered to you.
How to create a win/win? Donate financially to The Foundry before December 31st. Your donation may reduce the amount of taxes you have to pay for 2020 and you will make a direct impact on the lives of the men and women in our programs who are seeking a fresh start.
This year is unique because the 2020 CARES Act added new deductions for charitable giving.
Under the 2020 CARES Act, you may be eligible for a $300 charitable contribution deduction. For 2020 only, taxpayers who do not itemize their deductions may also claim a charitable contribution deduction of up to $300 for cash contributions made before December 31, 2020.
For more information about your eligibility, contact a tax professional.