CARES Act 2020 Tax Benefits

Thanks to the recently passed CARES Act, everyone will be able to deduct charitable donations made to nonprofits, like Truckee Meadows Parks Foundation, during 2020.

The Basics

  • Anybody can claim above-the-line deductions for charitable gifts up to $300, even if they don’t itemize their deductions on their tax returns.

  • For those that do itemize – the limit (50% of gross adjusted income or 60% for cash) is suspended for 2020.

  • Corporations’ limit on deductions has been raised from 10% of AGI to 20% for 2020.

 

The only exclusions are in-kind gifts or gifts made to donor-advised funds. 

 

While these are financially challenging times for many – those who have the financial resources can make a real impact in our community and see increased tax benefits in 2020.

 

We recommend consulting a professional regarding tax specific implications.

You can learn more about the tax rules on the IRS's website here.

 

If you have any questions, please reach out to Miranda Sanford at miranda@tmparksfoundation.org

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Protecting & enhancing our community through public engagement, education, and the sustainability of our parks, open spaces, and trails.

 

50 Cowan Drive, Reno, NV 89509 | (775) 410-1702 

info@tmparksfoundation.org