2020 CARES Act Brings Important Changes for Charitable Tax Deductions
Jul 08, 2020
The McGrail Foundation is seeking funds for three initiatives:
1) To develop and publish a free, open source cybersecurity curriculum
2) To continue developing rules for Apache SpamAssassin
3) Online Financial Literacy and Safety for teens, elderly and underserved populations
The CARES Act has some special changes for charitable giving in 2020 that make this an opportune time for donations while potentially minimizing your taxes. If you are considering donating and want to learn more, thanks to SPC Financial, Inc., we can share the attached guidance on How the CARES Act Impacts Charitable Giving for 2020. We have also included SPC's Tax-Efficient Guide To Charitable Gifting and the slide deck from their July 2020 Town Hall meeting.
For example, think beyond cash for donations. Instead, you can use appreciated assets to maximize your donation and minimize your tax bill. For example, if you bought shares of Apple in March 2000 for $3/share and donate them today, the Charity gets the assets at the current market value and you get the charitable deduction based on the fair market value without paying capital gains.
If you are looking to donate cash, assets, stocks or a required minimum distribution from your IRA while looking to minimize your taxes, please consider donating to The McGrail Foundation. And if you need help with financial planning for your gift, please consider www.spcfinancial.com.