Lend A Helping Hand
/While there is a lot of bad news coming out of this pandemic, I have been trying to stay focused on the positive and doing what I can to help those who really need the extra support. I am fortunate enough to work for a wonderful company that was prepared for all of the employees to work from home and still take care of our clients. I have also been blessed to have the ability to continue donating to and fundraising for some of my favorite charitable organizations. When our economy goes through turbulent times like these, the most vulnerable people in our population need us now more than ever to lend a helping hand.
The recently passed CARES Act makes it even more enticing to donate to a qualified charitable organization in 2020. One of the items in the bill allows for a $300 above-the-line deduction for charitable contributions made in cash this year. This means, even if you are taking the standard deduction on your taxes, you can still take advantage of this deduction for charitable contributions of up to $300 without needing to itemize. Imagine how many meals $300 could provide to families out of work or the amount of pet food it could purchase for shelters who are short on donations due to stay-at-home orders.
To be sure the organization you’re donating to is a qualified charitable organization for tax purposes, consider using a website like guidestar.org to look up its status. If you’ve considered donating to a charitable organization in the past and can afford to do so, now may be a great time to also get a tax benefit for your generosity.
- Margaret Gooley, CFP®, Worley Erhart-Graves Financial Advisors
