Today I read about a portion of the new stimulus bill that I was unaware of before which relates to an improvement for the way that charitable giving is treated.
Previously, most charitable giving was not being deducted from taxable income due to the large standard deduction that generally was larger than itemized deductions (where charitable giving is found). One provision of the new stimulus bill allows for a “above the line” deduction for the first $300 of charitable giving. This means that regardless of whether you take the larger standard deduction or itemize, you can deduct the first $300 of your cash charitable giving from your taxable income.
I know, it’s not much, but we want to take what we can get wherever we can.
Here is a link to a Forbes article that describes it in more detail:
If you have any questions please feel free to contact me.