The 100% Deduction in 2020 (and 2021)!
For many generous givers, the charitable tax provisions introduced by the Cares Act for the 2020 tax year are a game-changer. In this year only, givers are able to deduct 100% of their Adjusted Gross Income (AGI). At face value, this may seem less than newsworthy, since this will likely apply to a very small group of givers. However, the creative application of this rule creates charitable opportunities for many NCF givers in 2020.
UPDATE: The content of this video also applies to 2021 with the continuation of the charitable provisions of the CARES Act.