Are there particular tax benefits I might receive from making a charitable contribution in 2020?
Also under the CARES Act, Congress passed some provisions intended to promote additional charitable giving in 2020. Check with your own tax advisor, but in general, the legislation increased the amount of charitable deductions that can be claimed (for itemizers) by lifting the ceiling to 100% of AGI. For non-itemizers, there is a new deduction from AGI of $300 ($600/couple). These are special provisions for 2020 only at this time, and apply to donations to public charities like FCCW, and not private foundations.