{"id":1317,"date":"2020-11-18T14:24:30","date_gmt":"2020-11-18T14:24:30","guid":{"rendered":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/?p=1317"},"modified":"2022-08-10T16:00:28","modified_gmt":"2022-08-10T20:00:28","slug":"the-tax-benefits-of-giving-tuesday","status":"publish","type":"post","link":"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2020\/11\/18\/the-tax-benefits-of-giving-tuesday\/","title":{"rendered":"The Tax Benefits of Giving Tuesday"},"content":{"rendered":"<p>Since it began in 2012, <a href=\"https:\/\/www.consumerreports.org\/charitable-donations\/giving-tuesday-year-end\/\" target=\"_blank\" rel=\"noopener noreferrer\">Giving Tuesday<\/a>, the Tuesday after Thanksgiving, has become more and more popular. A recent survey suggests that <a href=\"https:\/\/www.forbes.com\/sites\/chrisstrub\/2020\/11\/10\/62-of-americans-will-participate-in-givingtuesday-2020---one-way-or-another\/?sh=4dd1e57d2e5b\" target=\"_blank\" rel=\"noopener noreferrer\">62% of Americans plan to participate<\/a> this year.<\/p>\n<p>The main purpose behind Giving Tuesday is of course to provide financial support to non-profits. However, tax benefits can also accrue to donors. This is especially true for donor taxpayers who itemize their deductions. Taxpayers whose deductions exceed the standard deduction and otherwise qualify benefit by itemizing their deductions. See <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc501\" target=\"_blank\" rel=\"noopener noreferrer\">IRS Tax Topic 501<\/a> for more information.<\/p>\n<p>As part of the CARES Act, all taxpayers, regardless of whether they itemize, can receive an \u201cabove the line\u201d tax deduction for up to $300 of cash contribution to eligible organizations. See <a href=\"https:\/\/www.irs.gov\/newsroom\/how-the-cares-act-changes-deducting-charitable-contributions\" target=\"_blank\" rel=\"noopener noreferrer\">COVID Tax Tip 2020-153<\/a> for more information. The <a href=\"https:\/\/www.irs.gov\/charities-non-profits\/charitable-organizations\/charitable-contribution-deductions\" target=\"_blank\" rel=\"noopener noreferrer\">limitation of charitable deductions<\/a> to 60% of adjusted income was \u00a0also relaxed for 2020.<\/p>\n<p>This year <a href=\"https:\/\/www.givingtuesday.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Giving Tuesday<\/a> falls on December 1, 2020. Those inclined to give are reminded that in addition to supporting the good work of nonprofits are the opportunities to reduces one\u2019s federal income tax.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since it began in 2012, Giving Tuesday, the Tuesday after Thanksgiving, has become more and more popular. A recent survey suggests that 62% of Americans plan to participate this year. The main purpose behind Giving Tuesday is of course to provide financial support to non-profits. However, tax benefits can also&hellip;<\/p>\n","protected":false},"author":1,"featured_media":772,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[15,10],"tags":[329,21,78,330],"class_list":["post-1317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-benefits","category-taxes","tag-giving-tuesday","tag-irs","tag-tax-deduction","tag-thanksgiving"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Tax Benefits of Giving Tuesday - Don\u2019t Tax Yourself<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bowditch.com\/estateandtaxplanningblog\/2020\/11\/18\/the-tax-benefits-of-giving-tuesday\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Tax Benefits of Giving Tuesday - Don\u2019t Tax Yourself\" \/>\n<meta property=\"og:description\" content=\"Since it began in 2012, Giving Tuesday, the Tuesday after Thanksgiving, has become more and more popular. 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