Don't Miss this New Tax-Saving Opportunity

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Dear Friends of Orchard Alliance,

If you’re like 90 percent of Americans, you won’t be itemizing deductions on your federal tax return. In years past, that meant your charitable contributions could not be deducted. But for the 2020 tax year, you can take an “above-the-line” federal income tax deduction of up to $300 for qualified charitable contributions you made in 2020, in addition to the standard deduction. This “above-the-line” deduction will reduce your taxable income, which will reduce the amount of federal income tax you owe.The $300 deduction is only for donations made in cash (including currency, checks, credit cards, etc.) to a qualified charity. It excludes contributions of property like clothing and household goods.You may already be aware of this deduction, but I wanted to make sure that you knew about this special opportunity to save on taxes while supporting the ministries you love.By taking advantage of tax deductions like these, you can do immeasurably more with what God has entrusted to you. If you’re interested in other giving opportunities that offer additional tax benefits, contact us today to discuss your options. We look forward to serving you.Orchard Alliance is here to walk with you and to provide tools and resources for the journey.Please let me know if you have comments at presidentscorner@orchardalliance.org. They are always welcome.