New Tax Benefits for Non-Profit Donors

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!

281 views0 comments

Recent Posts

See All