Important Tax Information About Donations in 2020
— From The Stewardship Committee
New for 2020 (only) if you prefer to itemize your charitable donations, you can deduct 100% of qualified gifts on your tax returns.
If you prefer NOT to itemize your charitable donations, under the CARES Act, taxpayers can now take a deduction for up to $300 in charitable contributions if they don’t itemize on their 2020 tax form.
This new rule applies only to “cash” gifts made to charitable organizations qualified by the IRS (section 170(b)(1)(A),0) and they expire on 12/31/2020.
Please consider maximizing your donation to FCCNM this year and confirm this strategy with your tax advisor.