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Stimulus plan: Changes to charitable contributions!

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  • Stimulus plan: Changes to charitable contributions!

    The stimulus package that was just passed made 2 important changes to encourage charitable giving:

    1. If you do not itemize your deductions, you can now take up to a $300 deduction anyway. In the past, those who do not itemize deductions lost the benefit of the tax deduction. This is permanent! [If you do itemize, #2 below applies - you can l deduct any amount given this year.]

    2. For 2020 only, they removed the limit on large donations. You can now make as large a donation as you like and it will be fully tax deductible. If it is more than your annual income, the deduction can be carried forward to next year. In the past, you could only donate up to 50% of your yearly adjusted gross income.

    For details see: NY Times Article or ask your accountant. If thinking about making a large donation to the Musella Foundation, call us and we can talk about how it would be used. We have a few projects that badly need donations and can directly save lives and speed up the search for the cure of brain tumors.

  • #2
    Al Musella's Comments: (This is his personal views and are not necessarily the views of the Musella Foundation!)

    The new stimulus bill recognized that charities will have a hard time this year, so they gave an incentive to make donations. See attached article for details.

    I know this is a hard time for everyone to make donations – as always – you need to take care of yourself and your family first of course. So do not feel bad if you cannot make a donation now. But if you are not having financial problems now, please consider giving a donation to the Musella Foundation. This has been a bad year as far as donations go - and we have a few urgent projects that really need to be funded. If interested, call us to discuss at 888-295-4740.