[AT] Tax deductible contributions to antique tractor clubs

Dean Vinson dean at vinsonfarm.net
Thu Apr 16 18:31:49 PDT 2020


Today I learned (on a forum about classic railroad equipment) the
coronavirus relief act contains a provision allowing those who do not
itemize deductions to still subtract from their 2020 taxable income up to
$300 of charitable contributions.    Internet searches for "CARES Act
Section 2204" or "CARES Act incentives for charitable giving" will turn up
details.

 

I mention this because some antique tractor associations are 501(c)(3)
tax-exempt organizations, and the recent increase to the standard deduction
meant that I and surely many others no longer itemize deductions. which
might tend to remove some incentive or at least remove the reminder to
donate to charitable causes.   Section 2204 in the CARES Act puts some of
that incentive/reminder back.

 

Dean Vinson

Saint Paris, Ohio

 

 

 

 

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