The Coronavirus Aid, Relief, and Economic Stimulus Act includes incentives for charitable giving during the year 2020. Below are a few ways you can benefit from charitable giving this year. Consider making a donation to support the children of Raintree and take advantage of these charitable giving incentives! Thanks to friends like you, we can continue to provide incredible care and support to the children of Raintree!
Temporary Universal Deductions: Taxpayers who do not itemize their deductions can take a one-time deduction of up to $300 for cash gifts made to charitable organizations.
Suspends the 60 percent adjusted gross income limitation for individuals’ charitable contributions for the year 2020: There’s no limit for charitable giving, making all cash contributions deductible.
Corporate cap deduction increased to 25 percent: The CARES Act increased the cap on how much corporations can deduct for charitable giving from 10 percent to 25 of taxable income.
This information is not intended at legal or tax advice. Please contact a professional tax advisor for more information.