Special 2020 Tax Deduction Information during COVID-19
The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year.
Following special tax law changes made earlier this year, cash donations of up to $300 made before December 31, 2020, are now deductible when people file their taxes in 2021.
"Our nation's charities are struggling to help those suffering from COVID-19, and many deserving organizations can use all the help they can get," said IRS Commissioner Chuck Rettig. "The IRS reminds people there's a new provision that allows for up to $300 in cash donations to qualifying organizations to be deducted from income. We encourage people to explore this option to help deserving tax-exempt organizations – and the people and causes they serve."
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes helping charities, including the special $300 deduction designed especially for people who choose to take the standard deduction, rather than itemizing their deductions.
Nearly nine in 10 taxpayers now take the standard deduction and could potentially qualify for this new tax deduction. In tax-year 2018, the most recent year for which complete figures are available, more than 134 million taxpayers claimed the standard deduction, just over 87% of all filers.
Under this new change, individual taxpayers can claim an "above-the-line" deduction of up to $300 for cash donations made to charity during 2020. This means the deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations.
One Time Donation
You have so many opportunities to create change in the world and in our community, we are very grateful you chose GHCCM for your donation! Your gift will go a very long way in offering Hope, Help & Healing to the most vulnerable in our community.
Monthly Donation Subscription
- $50 will help ensure access to health care through our medical and dental clinics.
- $75 will purchase 366 jars of peanut butter for distribution through the GHCCM food pantry.
- $150 makes 185 life-saving prescriptions available through the GHCCM pharmacy.
BENEFITS OF DONATING
Your donation allowed us to do great things in 2018:
- We filled 19,735 prescriptions with a value of $14,725,898.19
- We distributed 652 average grocery carts of food per month valued at $782,900.00
- We distributed 498 average snack packs per month with a value of $119,400.
- We distributed clinical care valued at $361,826.63 to our neighbors in need.
DONATE FOR SOMEONE
To make a donation in honor or memory of someone, please print the Donation Form and mail to us with check or credit card information.
You can also call 828-323-7902 to donate or for more information.
There are other ways you can give. Speak to your financial advisor about the benefits of:
- Life Income Gifts
- Lead Trusts
- Life Insurance