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Important 2020 Tax Laws in Response to COVID-19

Please review the important information below regarding changes to the tax law for the year 2020 that Congress enacted in response to the Covid-19 pandemic. This was done to encourage charitable giving to schools like Oaks Christian and other nonprofit organizations. The Cash Gifts and Appreciated Securities panels below summarize some of those changes that might be helpful for you as you consider your year-end giving.

With your help, Oaks Christian School can continue to offer excellence in education while providing for the expansion and stability of the school for years to come. Thank you for partnering with Oaks Christian School to make a difference in the lives of our students. We greatly appreciate your tax-deductible donation!

Cash Gifts
Appreciated Securities

Cash Gifts

The 2020 CARES Act includes charitable tax provisions to encourage giving. These include:
• A new $300 ‘above-the-line’ tax deduction for taxpayers who do not itemize when filing their tax returns. This special $300 deduction applies to all individual and ‘married filing jointly’ tax returns.
• For individuals who itemize their deductions, the CARES Act increased the deduction for cash donations to charities to 100% of adjusted gross income for 2020. Individuals may deduct up to 100% of their gross income for cash donations to public charities (up from 60% in 2019). One caveat is that these donations apply only to qualified public charities, like OCS, and not donor-advised funds or private foundations.
• Corporations can now deduct up to 25% of taxable income (increased from 10%).

Appreciated Securities

Although no tax law changes have been made to gifts of appreciated securities to charity, donating long-term, highly-appreciated taxable securities is one of the most tax-efficient ways to give (e.g. stocks, mutual funds, and exchange-traded funds that have realized significant appreciation over time).
• You receive a tax deduction for the full market value of the gift.
• You avoid capital gains taxes that may have applied to the future sale of the asset(s).
• You may donate appreciated assets up to 30% of 2020 adjusted gross income (AGI).
*Click HERE to get instructions on contributing Stock to Oaks Christian*