The CARES Act, passed by the federal government in the spring to provide financial relief from the COVID-19 pandemic, allows for a tax-deductible charitable gift of up to $300, even for those who don’t otherwise itemize their deductions.
Check out the write-up on CNBC here: The CARES Act added a new $300 charitable contribution deduction for 2020. Here’s what you should know
The majority of taxpayers take the “standard deduction” on their tax returns, which in 2020 is $12,400 for single filers and $24,800 for married-filing-jointly, and don’t receive a financial benefit for specific charitable donations.
This year, though, donors who give directly to a non-profit organization (not counting stock or other assets) can write off $300 of that giving in addition to their standardized deduction.
Will you consider taking advantage of this opportunity by making an additional $300 gift to Lincoln Christian University before January 1st?
You can give online at www.LincolnChristian.edu/give, or send a check to 100 Campus View Drive, Lincoln IL, 62656.