Ways to Donate
New $300 Universal Charitable Deduction
If you take the standard deduction on your 2020 tax return (the one that you’ll file in 2021), you can claim a brand new “above-the-line” deduction of up to $300 for cash donations to charity you make this year.
Did you know that the CARES Act is providing extra tax benefits to individuals and corporations that donate to charitable organizations?
Your tax deductible contribution will help us on our mission to provide assistance to U.S. military veterans and current service members (including spouses) in search of education, training and employment services.
No Annual Limit on 2020 Charitable Deduction by Itemizers
For those individuals that itemize their deduction, the CARES Act lifts the limit on the amount of charitable gifts that can be deducted in 2020, from 60% of the taxpayer’s adjusted gross income to 100%. (Gifts in excess of 100% of AGI cannot be deducted.) The increase on the limit doesn’t apply to contributions to donor-advised funds.
Contributions by Corporations
Under the Tax Cuts and Job Act (TCJA) which went into effect in 2018, the annual charitable deduction by a corporation is generally limited to 10% of taxable income, while a 15% limit applies to charitable contributions of food. The CARES Act increased these amounts to 25% of taxable income for 2020. Donations in excess of 25% may be deducted in the following five years.