Youth Services News FW: CARES Act impact on charitable donations

[Library Director]

For those of you who are or are partially supported by 501(C)(3)s

 

Thank you

Julia Kelso

Director, Vista Grande Public Library

14 Avenida Torreon (next to El Dorado Community School)

7 Avenida Vista Grande, B-7 #192

Santa Fe, NM 87508

 

"Witches took the view that they helped society in all kinds of ways which couldn't easily be explained, but which would become obvious if they stopped doing them and it was worth 6 pence and one half-penny not to find out what these were." The Science of the Discworld: The Globe" Terry Pratchett et. al.

 

 

In case you're not aware, the CARES Act provides another means of encouragement for taxpayers to provide charitable donations to 501(c)(3) organizations. For those who may need an extra nudge to donate if they've got the means, this may be helpful information to share.

 

Universal Deduction for Donations Up to $300

For the over 9 out of 10 people who no longer itemize their charitable giving, the CARES Act will allow these individual taxpayers to deduct donations to charity of up to $300 on their 2020 federal tax return, even though they take the standard deduction.  Married-filing-jointly taxpayers will get an above-the-line deduction of up to $600.

 

https://www.501c3.org/the-cares-act-increases-donation-tax-deductibility/


 <https://www.501c3.org/the-cares-act-increases-donation-tax-deductibility/> 

 <https://www.501c3.org/the-cares-act-increases-donation-tax-deductibility/> The CARES Act Increases Donation Tax Deductibility - Foundation Group®

The CARES Act that Congress passed in response to the COVID-19 crisis is best known for its Payroll Protection Program SBA loans and other measures of cash relief. Getting less attention are the provisions that increase the tax-deductibility of donations to charities.

www.501c3.org

 

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