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2020 Taxes and Charitable Giving
2020 Taxes and Charitable Giving
The recent 2020 CARES Act includes several accommodating provisions concerning charitable giving.
This legislation includes provision for a new “above the line” deduction for charitable gifts for those who do not itemize their taxes, as well as an increased deduction for those who do itemize.
Donor Advised Funds
A donor-advised fund is like a charitable investment account, for the sole purpose of supporting charitable organizations you care about. When you contribute cash, securities or other assets to a donor-advised fund at a public charity, you are generally eligible to take an immediate tax deduction.
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