2020 Year-End Giving
You continue to be a very generous church. Even during the pandemic, you have continued to give generously and sacrificially so we can continue our mission to help people find and follow Jesus. Thank you!
The end of the year is often a time people choose to give more to help others around the holidays and take advantage of tax benefits. Along with the normal benefits, there are some unique opportunities to give in 2020 because of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
CARES Act Provisions
- Suspension of limitation on cash gifts. Taxpayers must normally limit their charitable deduction for cash gifts to no more than 60% of their adjusted gross income. For 2020 only, individuals making cash gifts to a public charity (like First MB!) may elect to increase this limit to 100% of their adjusted gross income. This is an opportunity for those planning major cash gifts to eliminate or greatly reduce income taxes in 2020. Deductions for gifts of appreciated securities will still be subject to their normal limitation of 30% of adjusted gross income. For 2020 only, the limitation on corporate cash gifts has been increased from 10% to 25% of taxable income.
- Charitable deduction for non-itemizers. Givers who take the standard deduction on their personal tax return are entitled to deduct up to $300 from their income for cash gifts made in 2020 to churches and public charities. This is in addition to the standard deduction. This means individuals who do not itemize their deductions can still deduct up to $300.