New Tax Deductions for Charitable Gifts Made in 2020
To encourage more charitable giving in 2020, the recently enacted government stimulus bill, the CARES Act, provides some additional tax relief for donors. This makes it easier to give and save at the same time.
How You Can Give Smarter
- Transfer appreciated stock to Abe’s Garden® and avoid the capital gains tax.
- If you are 70 ½ or older, make a direct transfer from your IRA to Abe’s Garden®. You pay NO federal income tax on the transfer and it DOES count toward your minimum required distribution. Contact your administrator.
- Update your will with a properly signed, dated and witnessed codicil.
- Add Abe’s Garden® as a beneficiary to your will, IRA, 401(k), life insurance policy, or trust. Beneficiary forms are usually available online.
- Designate the remainder of a specific mutual fund, bank account, or donor advised fund.
- Leverage your appreciated stock, real estate or other real property to provide income for life by naming Abe’s Garden® in a charitable remainder trust.
Whether you choose one of these smart ways to give, or another option, please include the name, address and Federal Tax ID Number to ensure that your wishes are carried out as you desire.
Organization Name: Abe’s Garden®
Address: 115 Woodmont Blvd., Nashville, TN 37205
Federal Tax ID Number: #06-1818302