Tax experts say it’s a good time to give charitable donations, you could see a better return in 2020

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PEORIA, Ill. (WMBD) — Donating to charities this year could benefit you in 2020. President Donald Trump signed a $2 trillion relief bill into law. The bill has one provision that provides an incentive for people to help others.

William Sharpe, president of Total Income Tax said now is a good time to give donations to non-profits. “Not only are you doing good you’ll enjoy the tax benefits of that as well,” he said.

Businesses nationwide have taken a hit including local non-profits that do not bring in revenue, like the Community Foundation of Central Illinois.

Mark Roberts, president and CEO of the Community Foundation of Central Illinois is encouraging neighbors to donate so his organization can continue providing resources to people who need it most.

“We are that community’s foundation and the heart of our work is making grants to support all types of causes in the community,” Roberts said.

Sharpe said in 2019 you may have had to donate more money in order to get a substantial bonus on your tax return. “Due to the tax changes, the Trump tax overhaul that took effect last tax season and continues now, that number for a married couple is approximately $24,000 and that’s a lot of giving,” he said.

Now, donating $300 could mean more money back in taxes. According to Business Insider, taxpayers will be able to claim up to $300 dollars in cash contributions made to a non-profit charity this year; couples can claim up to $600.

“The intent of it is really important for someone who works in the charitable and philanthropic area and it’s to encourage anyone in the united states certainly in our local community that has the interest and the wherewithal to make a charitable contribution, make it to a local non-profit,” Roberts said.

Roberts said amid the COVID-19 outbreak, his organization reactivated the Central Illinois Disaster Recovery Fund. It was initially created after the Washington tornadoes in 2013 to accept tax-deductible contributions used to support those in need. He adds, it is time for the community to support a cause that really matters.

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