Safari Club International Foundation ensures the future of wildlife through conservation, education, and hunting. Every donation helps to further these programs. Donate Today.
For those taxpayers who do not itemize: The Act creates an “above the line” deduction of up to $300 for charitable contributions for taxpayers who do not itemize. This means that if you do not itemize your deductions, and therefore would normally lose the tax-deductibility of your donations, and your charitable donation will be tax-deductible on your 2020 tax return.
Strategy Note: If you do not itemize and are charitably inclined, make sure to take advantage of this up to the $300 limit.
For those taxpayers who do itemize: In normal years, the amount you can donate to charity, and be tax-deductible, is capped at 60% of Adjusted Gross Income (AGI). Under the CARES Act, there is no cap in the tax year 2020, and you can deduct charitable gifts up to 100% of AGI. By way of example, if your household AGI is $100,000, in normal years, you could claim a tax deduction for charitable donations of up to $60,000. This year your maximum charitable deduction would be $100,000. Please note that this does not apply to Donor Advised Funds.
Strategy Note: If you a) itemize your deductions, b) are charitably inclined, and c) want to super-size your charitable giving, then 2020 is a great year to do so.
Safari Club International Foundation is a 501(c) (3) non profit organization that funds and manages worldwide programs dedicated to wildlife conservation and outdoor education. All donations to SCI Foundation are tax-deductible.