$300 Charitable Giving Deduction
Taxpayers who don't itemize their deductions (that's most of us) can take advantage of a special $300 tax deduction. In the relief bill (Coronavirus Aid, Relief, and Economic Security [CARES] Act), taxpayers taking the standard deduction can take an additional $300 federal income tax deduction for qualifying charitable contributions in 2020.
Simply put, if you made donations totaling $300 or more to a nonprofit organization, you may deduct that from your gross income. That reduces the amount of income that's taxable. This deduction is for donations made in cash, which includes currency, checks, credit or debit cards, and electronic funds transfers.
Please consider Midwest Food Bank in your charitable giving. There is an immediate doubling of the benefit: MFB receives much-needed funds, and you receive a tax deduction.
Multiplying the blessing
But there's more. With MFB's donor/volunteer-driven operations, a $300 gift turns into $9,000 worth of food distributed. Our partner nonprofits have seen a 20-50% in need during this pandemic. Your giving can reach many people struggling in these difficult times.
At MFB, we appreciate this provision for charitable organizations. And we are thankful for our donors and volunteers who make our mission achievable.
Note - Please consult a tax professional for expert recommendations on tax filing processes.