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Max Out Your End-of-Year Tax Breaks

There’s still time to take advantage of the CARES Act’s charitable contributions provision
Scripps Health Year end tax breaks

Scripps Health Year end tax breaks

Has the market been good to you this year? Or perhaps you’re looking to drop some appreciated stock? If you’d rather direct your hard-earned cash to a cause you care about than pay it in taxes, there’s still time to take advantage of the charitable contributions provisions in the CARES Act. The Consolidated Appropriations Act extended a measure established under CARES that enabled taxpayers who itemize to deduct up to 100 percent of their adjusted gross income for cash contributions to a qualifying charity. Normally, you’d only be able to write off 60 percent. This ruling applies to cash gifts made to qualified charities, such as Scripps, but excludes donor-advised funds and private foundations. But you’ll have to act fast. Savvy taxpayers can cash in, but only through December 31. Click here to find out more.

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