Tax-Smart Charitable Giving

Tax-Smart Charitable Giving
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With the 2018 tax code changes, people are more likely to take the standard deduction which may affect your ability to deduct charitable donations. Find out about three tax-smart ways to give and still get a deduction on your income taxes.

What you can do next

Important Disclosures

This information does not constitute and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, Schwab recommends consultation with a qualified tax advisor, CPA, financial planner, or investment manager. A donor's ability to claim itemized deductions is subject to a variety of limitations depending on the donor's specific tax situation.

Please note: For 2020 if you take the standard deduction you can claim an "above-the-line" deduction of up to $300 for cash donations to charity. For 2020 only, the CARES Act allows those who itemize their deductions to elect for a 100% of AGI limit donation deduction for cash donations to certain operating charities (this does not include private foundations or donor advised funds, which are still covered by the 60% of AGI limit for cash donations). Please consult with a tax advisor for your specific situation.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.