Tax Day is May 17th
When the CARES Act was passed and signed into law March, 2020, there was a provision for charitable giving - AND for the first time since 1987, non-itemizers can deduct their 2020 charitable giving.
Below are the details for Individual and Corporate donors:
- Individuals that will submit a non-itemized tax return (standard deductions) can deduct up to $300 from their 2020 tax return, as long as they made the gift in cash or a cash equivalent (like a check or credit card).
- Individuals that itemize their tax return may deduct up to 100% of the Adjusted Gross Income (AGI) from the 2020 tax returns. This is an increase from 75% in prior years.
- Corporations may deduct up to 25% of the pre-tax profits from the tax return assuming the charitable gifts were in cash or cash equivalents. This is an increase from 10% of corporate pre-tax profits.
Sincerely,
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