Charitable Giving During the Pandemic
We are living in unprecedented times, and the current crisis may be prompting you to give to charitable institutions that are providing relief for coronavirus victims. Many charities are suffering through this crisis and are desperate for help, but this also means that scams are at a record high as well. Follow these tips to help choose where to give during this time.
Giving – How to Decide
With so many charities in need, it can be difficult to know where you should donate. A good place to start is with a charity to which you already donate. If you can, look for local areas you can help. Your local United Way chapter, human rights organizations and area food banks are good places to start. Also consider arts and education programs that cannot provide regular services. This could help them keep the doors open while we wait for the crisis to pass.
One provision of the CARES Act adds tax benefits to individuals and businesses who donate to charities during the pandemic. There is no limit to deductions you can take for charitable contributions if you itemize your contributions. This is a wonderful incentive to give as much as you can. Also, under the CARES Act, taxpayers can take a deduction of up to $300 if they do not itemize their giving.
Beware of Scams
Social media is filled with campaigns aimed at providing relief for coronavirus victims, but this is a perfect arena for scammers as well. Be careful when you consider donating to a cause you see on Facebook, and never provide your banking information when you donate. Remember, if something looks off, it probably is and should be avoided.
Charitable giving is a great way to give back to your community. If you need assistance in charitable planning, Turner Law can help. Contact us here or call us today at (404) 377-6941 to schedule your consultation.
Posted on the behalf of Turner Law, LLC