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.
Major gifts enable Olivet to make substantial changes that impact current and future students as well as the college’s long-range goals and plans. This includes creating endowed professorships and scholarships, establishing academic programs, supporting library resources and building or upgrading physical facilities.
We recently finished the Leadership Phase of Responsible Learners-Responsible Leaders: Olivet College 2020 and Beyond comprehensive campaign and major gifts will support the many initiatives in our case for support.