CARES Act includes new incentives for charitable giving in 2020.

charitable giving

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.

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