"Even if they’re not worried about tax changes in 2021, rich Americans are still pursuing the usual end-of-year planning moves designed to lower their tax bills. The pandemic and Covid-19-related legislation like the CARES Act offer the chance to make these strategies more lucrative.For example, the charitably inclined have the unprecedented ability to offset 100% of their taxable income with donations in 2020. To take full advantage, donors need to make much of their gifts in cash -- a sticking point for those who prefer the bigger tax breaks provided by gifts of appreciated stock."
Am I reading this right? I can deduct charitable contributions dollar-for-dollar from my taxes rather than subtracting from my taxable income?? So a couple thousand $ donated to Doctors Without Borders or Post Polio Health International or PBS etc would be subtracted from the taxes due to Uncle Sam?? Or is it still just subtracted from income and I would then pay 20% less tax??
I don't use a tax man, and there apparently are some new rules, and this needs to be clarified in the next week, so any knowledgeable advice from a reader would be appreciated.
Update: Definitive answer from Kyle in the Comments section below. Sadly, it's not what I was hoping to hear.