CARES Act 2020 – Tax Deductibility Information

The Coronavirus Aid, Relief, and Economic Security (CARES) Act creates two new benefits for donors to non-profits.

1.    A $300 tax deduction is now available for contributions made in 2020 to non-profits.  This deduction is available to those taxpayers who take a standard deduction and previously were not allowed to deduct contributions.

2.    For itemized tax filers, the 2020 limit for charitable contributions has been increased from 60% to 100% of Adjusted Gross Income (AGI).

As always, donors should consult their accountants and tax providers for advice and recommendations. For more information visit this additional link:

CARES Act:  https://www.congress.gov/bill/116th-congress/house-bill/748/text

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