The CARES Act, signed into law on March 27, includes provisions that affect both individual and corporate donors. This is a great benefit for friends of Parent Promise/Prevent Child Abuse Oklahoma who want to continue supporting our organization during this difficult time.
Some of the changes in the CARES act regarding donations specifically include:
- 60% of AGI Limit Suspended for 2020For the 2020 tax year, individuals can deduct any cash contributions made to qualified charitable organizations, up to 100% of their adjusted gross income (AGI). Deductions for cash donations were previously limited to 60% of the taxpayer’s AGI.
- Corporations’ 10% Limit Increased to 25% for 2020For the 2020 tax year, corporations can deduct up to 25% of the taxpayer’s taxable income for any cash contributions made to qualified charitable organizations. Deductions for cash donations were previously limited to 10% of the taxpayer’s taxable income.
- New $300 Deduction for Qualified Charitable Donations Individuals who take the standard deduction can claim an above-the-line tax deduction for cash donations to qualified charitable organizations, up to $300.
This is an unprecedented opportunity to continue supporting Parent Promise/Prevent Child Abuse Oklahoma during these trying times. Talk with your accounting professional to confirm the charitable donation incentives that are available to you.
You may donate to Parent Promise/Prevent Child Abuse Oklahoma by linking here.