The CARES (Coronavirus aid, relief and economic stability) Act is a bill passed by Congress that will provide economic relief to Americans affected by the global pandemic. To encourage more charitable giving in 2020, this act provides some tax relief for donors to make it easier to give and save at the same time.
Starting in tax year 2020, U.S. members can deduct all charitable contributions of up to $300 total from your adjusted gross income on your income tax return. This deduction is for anyone who chooses not to itemize when you prepare your return.
What does that mean if you give a gift today? A $100 contribution to Soroptimist only costs you $80.
Additionally, for those who choose to itemize deductions, the adjusted gross income limit for cash charitable contributions has been increased from 60% to 100%. This means you will be able to deduct more of your cash contributions in 2020. More information about the CARES Act and planned giving is available here.
Make a gift today to support our global Dream Programs!
**Please reach out to your tax advisor with more specific questions about how your giving will impact your 2020 tax return.