Donations

Coronavirus Aid Relief and Economic Security Act (CARES Act) offers benefits for Donors

The stimulus bill contains a one-time, above-the-line deduction for cash contributions of up to $300 made to certain qualifying charities. All taxpayers would be eligible to take the deduction, even people who use the standard deduction. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year. The new deduction would not apply to noncash gifts or to gifts contributed to donor advised funds.

For the eight percent of individual taxpayers who itemize their deductions, the bill would suspend for 2020 the normal limit on deductions for contributions, ordinarily 50 percent of adjusted gross income (AGI) or 60 percent for cash. For corporations, the limit on deductions for contributions, ordinarily 10 percent of AGI, is elevated to 25 percent for 2020. Food donations from corporations would be available to 25 percent, up from the current 15 percent cap.

Click here to learn more about making Charitable Contributions from IRAs.

Thank you!

Serving the Vermont towns of South Royalton, Strafford, Chelsea, Sharon, Bethel, Tunbridge, Orange, Washington, Stockbridge, Randolph, Rochester, and Williamstown

Donations

Coronavirus Aid Relief and Economic Security Act (CARES Act) offers benefits for Donors

Your tax-exempt contribution helps make this service possible.

HealthHUB • PO Box 542 • South Royalton, VT 05068