The CARES Act — What donors need to know
As part of the Coronavirus relief package, the government is incentivizing charitable giving! For donors, this is an opportunity to support your community while also reducing next year's tax burden. Here's what you need to know:
Itemizing your deductions?
You can now deduct cash contributions made to nonprofits amounting to 100% of your Adjusted Gross Income (AGI). This is up from 60%.
Not itemizing?
If you're not itemizing, you can make an additional "above-the-line" deduction for cash donations of up to $300.
Interested in corporate giving?
Corporate donors can deduct up to 25% AGI, up from 10%.
Want to know more about how the CARES Act affects your charitable giving? Contact Maria at mgalka@vnanwi.org.
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