Did your tax situation change after the COVID-19 pandemic began? If so, you’re not alone. The U.S. government recently passed the CARES Act, which helps nonprofit supporters like you realize new tax benefits, including these:
Gifts up to $300 are 100% tax deductible, even for those using the standard deduction. Contributions by cash, credit card or check only are eligible; gifts of stock are not.
The maximum charitable deduction is raised to 100% from a previous limit of 60% of adjusted gross income (AGI) for individuals giving cash (not stock). Also, donations in excess of AGI may be carried over to future tax filings for up to 5 years.
Corporations giving limit is increased to 25% of taxable income from a previous limit of 10%.
As you consider giving plans moving forward, please consider how these changes might enhance your gift to the Mission this year. Thank you so much!