Here is some helpful info for end of year giving in 2020:
Because of the 2020 CARES Act
You can take a charitable deduction against up to 100% of your 2020 adjusted gross income for federal tax purposes.
For those who itemize their taxes, the typical 60% charitable contribution deduction limitation has been suspended, allowing for a cash charitable contribution to erase up to 100% of your adjusted gross income. This is the first time since 2005 the IRS has allowed this.
You can claim an additional “above-the-line” deduction for charitable gifts made in cash of up to $300. If you are not itemizing on your 2020 taxes, you can claim this new deduction.
More traditional year-end options for giving available this year:
-IRA Rollover. If you’re 70-1/2 or older, you and your spouse can each give up to $100,000 from your respective IRAs with no tax penalties and without adding a single penny to your taxable income. And you get an income deduction for your charitable gift whether or not you itemize your taxes. It’s a great way to make a significant contribution and take advantage of tax saving strategies.
-Appreciated stocks or property. Not only will this type of gift generate a tax deduction, but you can also save significantly on capital gains taxes, too!