The COVID-19 pandemic has brought on challenges and uncertainty. But through this difficult time, many new charities have been founded to help people during the pandemic. We’ve seen organizations bring volunteers together to make cloth masks, provide free grocery delivery services for at-risk individuals, and raise money to donate meals from local restaurants to health care workers. In order to reward and encourage this kind of charitable action, the Coronavirus Aid, Relief, and Economic Security (CARES) Act included legislation that makes it easier to claim a deduction for charitable donations. Typically, if you make any charitable contributions, you have to itemize donations in order to get credit and claim a deduction on your taxes.The CARES Act allows for a $300 above-the-line charitable donation deduction. If you donate $300 to a qualified organization, then your adjusted gross income (AGI) will be reduced by $300 without requiring you to itemize the deduction. The keyword here is “qualified.” In order to claim this deduction, your donations must go to a qualified 501(c)(3) organization. You can check the IRS’ database of qualified organizations at IRS.gov/ charities-non-profits/tax-exempt-organization-search . The goal is to help any generous taxpayer get a tax break, regardless of whether or not they itemize. Keep in mind that if you do itemize GIVE BACK, GET BACK
your charitable donations, you will not be able to take the new $300 deduction and will instead claim your donation on Schedule A. However, the CARES Act did raise the bar for the deductible amount of donations for those who itemize their deductions from 60% to 100% of AGI. If you already itemize your donations, then it may be in your best interest to keep doing so.That said, depending on your situation, it is possible that claiming the $300 above-the-line charitable deduction may be more beneficial for you. Talk to your advisor at Capital Advisory Group to determine the right approach for claiming charitable donations when filing your taxes.
TAKE A BREAK
BREAKFAST SAUSAGE KEBABS
This simple recipe can make any breakfast a little more fun. We recommend pairing your kebabs with your favorite kind of eggs.
Ingredients
Equipment
• 7 oz frozen, fully cooked
• 5 metal or soaked wooden kebab skewers
breakfast sausage links, thawed
Directions
• 20 oz pineapple chunks, drained • 10 medium-sized, fresh mushrooms • 2 tbsp butter, melted • Maple syrup, to taste
1. Cut sausages in half.Thread alternating sausages halves, pineapple chunks, and mushrooms onto kebab skewers. Brush with butter and syrup. 2. Grill over medium heat, regularly turning and basting with syrup, until sausages are lightly browned, about 8 minutes.
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Inspired by TasteOfHome.com
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