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Tax Wise ideas for Charitable Giving in 2020

The best year-end giving plans make a difference in the lives of others and can improve your own financial and/or tax situation-often right away. Here are several ways you can make the most of your year-end giving!
  • The Cares Act – recently passed law encourages charitable tax provisions to encourage giving.
    • A new deduction for charitable donors who do not itemize when filing their tax returns. If you do not itemize but make a gift to charity, you will be allowed to take a special tax deduction, up to $300, to reduce your tax liability.
    • An increase in the deduction limit up to 100% of a donor’s annual income for cash gifts (previously the deduction was capped at 60% of annual income). If you make a gift you will be able to deduct more this year.
  • Give it Get it back – The Arizona Qualifying Charitable Tax Credit allows taxpayers to direct their tax liability to organizations like Habitat. Individuals may utilize a $400 tax credit and couples filing jointly may take a $800 tax credit. Habitat for Humanity Central Arizona is a Qualified Charitable Organization.
    You may be eligible for an Arizona Tax Credit and will need to use Tax Form 321 when filing. QCO Code # 20434.
  • An IRA charitable rollover gift allows you to give tax free from your individual retirement account and reduce your taxable income because it counts toward your required minimum distribution.
  • A gift from your Donor-Advised Fund (DAF) allows you continue to support your favorite charities, while still receiving charitable tax deductions.

We encourage all of our donors to consult their tax advisor to be certain of their particular circumstances.