Enhanced Tax Benefits: 2020 Only
The CARES Act includes two provisions to incentivize giving this year:
• An above-the-line deduction, allowing a write-off of up to $300 in cash donations to charity for those taking the standard deduction.
• For those who itemize, they can claim a larger write-off for charitable cash donations. For 2020, you can deduct up to 100 percent of your Adjusted Gross Income to qualifying charities.
Your situation may vary, so consult your tax advisor, but for the vast majority of donors, there has never been a better year to give to the American Motorcycle Heritage Foundation.