2020 has been quite the year – a global pandemic, market volatility, a whirlwind election, and widespread uncertainty. One good thing to come out of 2020 was a reported record number of charitable giving and donations throughout the year. A recent study reported that more people than ever will be donating this year, to help with various charities, small businesses, and groups that have been affected by challenges. A report by Fidelity Charitable also said that grants to free food programs skyrocketed 667% nationwide.
The overwhelming majority of poll respondents said that they donated to a charity this holiday season, and a small group even noted that they would be donating more before the end of 2020. According to a recent article, donations were spread out between different charities and organizations, with COVID-19 relief donations and groups fighting for climate change and reform topping the list. Jeff Bezos made the single-largest charitable contribution last year, with Mark Zuckerburg and his wife coming in at a close second.
The IRS reminded tax payers last year of a new provision that allows people to deduct up to $300 in donations from qualifying charities. To learn more about this provision, check out the IRS article here. Have questions about your year-end tax plan or looking to start on a plan for 2021? We can help. Follow our ‘Get Started’ link to find out more – Get Started.