Enhanced Charitable Giving Incentives
• Temporary Universal Charitable Deduction—In 2020, taxpayers who do not itemize can take a one-time deduction of up to $300 for gifts made to charitable organizations. The deduction is ONLY for gifts of cash made in calendar year 2020 and does not cover other types of gifts or contributions made to donor-advised funds or private foundations.
• Suspends the 60% adjusted gross income limitation for individuals’ charitable contributions for the year 2020. In a typical year, individuals can only take a charitable deduction of up to 60% of their adjusted gross income, no matter how much they give. For 2020, there is no limit, making cash contributions fully deductible.
• Please consult your financial advisor for more information about these and other Coronavirus-related tax relief provisions, or visit IRS.gov/coronavirus.
If you are looking to make a legacy gift, please consider naming Al Sigl Community of Agencies in your will. You can make charitable gifts of cash, life income, retirement fund asset, stock or life insurance. Perhaps the easiest way to make a gift is to name Al Sigl in your will through a simple bequest.
For more details, please contact Debra J. Salmon, Vice President, at (585) 442-4102 x2718 or e-mail email@example.com.