Charitable Giving Incentive:
The Corona Virus stimulus bill (CARES Act) includes a new above-the-line deduction for all taxpayers, even people who use the standard deduction, for total charitable contributions of up to $300. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year. The new deduction would not apply to noncash gifts or to gifts contributed to donor advised funds. Section 2204.
Individual taxpayers who itemize their deductions, the bill would suspend for 2020 the normal limit on deductions for contributions, ordinarily 50 percent of adjusted gross income (AGI) or 60 percent for cash. For corporations, the limit on deductions for contributions, ordinarily 10 percent of AGI, is elevated to 25 percent for 2020. Food donations from corporations would be available to 25 percent, up from the current 15 percent cap. Section 2205
As our CASI Executive Director, Keith Karaff, has stated, “We appreciate your generosity and willingness to help out, but please keep in mind; we are in the early stages here. Many out there are not working, are house bound, or may not have an income for the foreseeable future. While every charitable organization is appreciative of donations, the time right now is to make good, smart financial decisions for yourself. To ensure that you are protected. We want to be able to see on the chili trail when this is all said and done. This is a pothole in the road right now, but we will endure and we will continue.”
Each person knows there own personal financial situation; but as we win the war on the Corona Virus and our world comes back to some sense of normal, if you would like to make a donation to assist CASI in fulfilling the organization’s charitable mission, then make sure you understand and take advantage of the charitable giving incentive that is afforded to all taxpayers under the CARES Act.
The Corona Virus stimulus bill (CARES Act) includes a new above-the-line deduction for all taxpayers, even people who use the standard deduction, for total charitable contributions of up to $300. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year. The new deduction would not apply to noncash gifts or to gifts contributed to donor advised funds. Section 2204.
Individual taxpayers who itemize their deductions, the bill would suspend for 2020 the normal limit on deductions for contributions, ordinarily 50 percent of adjusted gross income (AGI) or 60 percent for cash. For corporations, the limit on deductions for contributions, ordinarily 10 percent of AGI, is elevated to 25 percent for 2020. Food donations from corporations would be available to 25 percent, up from the current 15 percent cap. Section 2205
As our CASI Executive Director, Keith Karaff, has stated, “We appreciate your generosity and willingness to help out, but please keep in mind; we are in the early stages here. Many out there are not working, are house bound, or may not have an income for the foreseeable future. While every charitable organization is appreciative of donations, the time right now is to make good, smart financial decisions for yourself. To ensure that you are protected. We want to be able to see on the chili trail when this is all said and done. This is a pothole in the road right now, but we will endure and we will continue.”
Each person knows there own personal financial situation; but as we win the war on the Corona Virus and our world comes back to some sense of normal, if you would like to make a donation to assist CASI in fulfilling the organization’s charitable mission, then make sure you understand and take advantage of the charitable giving incentive that is afforded to all taxpayers under the CARES Act.
