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.
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.
If you have any questions, please reach out to Miranda Sanford at firstname.lastname@example.org