The new deduction, which was a provision of the CARES Act signed into law March 27th, would let taxpayers who do not itemize take up to a $300 above-the-line charitable income tax deduction for cash donations made in 2020. So, for those who take the standard deduction, if you give $300 to charity, you’d get the $300 tax break in addition to the standard deduction.
This deduction allows for individuals to support the charities providing aid and resources in their community during this time. Please consider using this deduction to support FSL and the work we do serving the most vulnerable in our Arizona communities.
In order to maximize your impact to FSL, the new federal income tax deduction can be taken in addition to the Arizona Charitable Tax Credit for 2020. Donors can give up to $400 for a single filer and up to $800 for married couples filing jointly and receive a dollar for dollar credit on your Arizona tax return. You can then give an additional $300 to FSL and take the new deduction on your federal taxes.
For over 45 years, FSL has provided safe homes, nutritious meals, health and wellness services and caregiver support for some of Arizona’s most vulnerable citizens. No matter the size, your gift to FSL allows us to help those in need, providing services and support while preserving the dignity of all of our clients.
*Remember, donations to FSL can be deducted from your 2019 tax returns if you haven’t yet reached your Arizona Charitable Tax Credit Limit. The deadline for making tax credit donations is April 15th.
**This is not intended as professional or legal advice. Contact your tax professional**