Benefits of charitable giving using stimulus check payment

As Economic Stimulus checks begin arriving, persons are reminded of the benefits of using the payment to increase charitable giving. Under the CARES Act signed into law on March 27, 2020, by President Trump, tax provisions will reward persons who donate to charities.
A new “above-the-line” deduction of up to $300 is allowed for cash donations to a public charity in 2020. Donations to donor advised funds and certain organizations that support charities are not deductible.
You can’t claim this deduction if you itemize deductions on your 2020 tax return; that is, you must claim the standard deduction.
For taxpayers who will itemize on their 2020 return, the 60% of adjusted gross income limit that normally applies to cash contributions is waived. That simply means you can deduct 100% of your adjusted gross income in charitable cash contributions this year. As with the new above-the-line deduction, donations to donor advised funds and supporting organizations don’t count.
For corporations, up to 25% of taxable income can be deducted for charitable contributions from the previous 10% allowance. And as with this new above-the-line deductions, donations to donor advised funds and supporting organizations do not count.
This information is being provided by The Community Foundation of Northwest Missouri where many opportunities currently exist for allowable donations. Among those are:
1) Stronger Communities – a relief fund for regional communities and nonprofits like CORVID-19.
2) Scholar-Link Program: providing financial assistance through scholarships to the students of the 18 counties of Northwest Missouri.
3) Mary Margaret Hodgin Fund – providing animal relief for Andrew and Buchanan counties.
4) Individual scholarship – encouraging contributions to over 95 scholarships currently in place and available for viewing on the Community Foundation website OR creating your own scholarship.
5) Regional Vitality Fund – Leadership training and overall good of Northwest Missouri.
If you would like to support The Community Foundation through one of these opportunities, contact at 816-232-2022 or visit the website at cfnwmo.org.