CARES Act Expands Tax Deductions for Charitable Giving
Beginning with 2020 tax returns, all taxpayers will be able to claim up to $300 in cash contributions to charity as a deduction without itemizing. The CARES Act incentivizes Americans who are in a position to help others in need with a new “above-the-line” charitable deduction. Taxpayers will be able to claim up to $300 in cash contributions to a nonprofit this year. This deduction is from gross income for those who take the standard deduction on their 2020 tax return and will ultimately reduce the amount of taxable income.
Many companies match contributions made by employees. These corporate-sponsored programs can double or even triple the value of an employee’s personal contribution without any additional obligation from the individual donor. Please check with your employer’s human resources office to see if you have a matching gift program.
To see if your gift qualifies and or to multiply your contribution, please contact Michelle Wallenberg, gift and data management specialist, at 269-749-7932.