The end of 2020 is finally upon us, and this is the time of year when many of us think about charitable giving as a part of our busy holiday to-do list. Your year-end philanthropic decisions are important–and there are some special opportunities just for 2020. The 2020 CARES Act includes several provisions designed to encourage charitable giving that we want you to know about. We encourage you to take advantage of these tax incentives in 2020 and support Jewish Family Service of Colorado (JFS).

Universal Deduction for Donations Up to $300

The CARES Act grants taxpayers an above-the-line deduction for up to $300 in charitable donations starting in 2020. Married-filing-jointly taxpayers will get an above-the-line deduction of up to $600. Normally, you must itemize deductions to get a tax write-off for charitable donations.

Raising the Charitable Giving Deduction Cap

The law also lifts the existing cap on annual contributions for those who itemize, raising it from 60 percent of adjusted gross income to 100 percent. For corporations, the law raises the annual limit from 10 percent to 25 percent.

Donate Gifts of Appreciated Securities

By giving appreciated securities you have owned for more than a year, you enhance your tax benefits. You receive a tax deduction for the value at the time of your gift, and you avoid the capital gains tax that you would have owed if you sold the stock.

Donate via Your Donor-Advised Fund

Support JFS with a contribution from your Donor-Advised Fund (DAF) at Fidelity Charitable, Schwab Charitable, JEWISHcolorado, Rose Community Foundation, or others. Don’t forget about the #HalfMyDAF movement, which encourages people to give more from their donor-advised funds in response to the coronavirus pandemic.

Final Thoughts

• Jewish Family Service of Colorado is a 501(c)(3) tax-exempt organization EIN # 84-0402701. Nearly all donations to JFS are fully tax-deductible, and you can designate your donation to your favorite JFS program or where it is needed most!

• Consider accelerating planned 2021 cash gifts into 2020 to take full advantage of these one-time tax law changes. The JFS Fiscal Year ends June 30, 2021, so your support has an immediate impact.

If you have any questions or would like to make a charitable contribution, please contact Jessica Zeidman, chief development officer, at 720.248.4663 or make an online donation.

The tax information provided is general and educational in nature. Jewish Family Service of Colorado does not provide legal or tax advice. Always consult a tax professional regarding your tax situation.