Overview of 2020 Charitable Giving changes to the CARES Act.
Taxpayers who prefer to take the standard deduction instead of itemizing may now take a one-time deduction of $300 above and beyond the standard deduction. You qualify for this deduction when you give your cash gift directly to a qualifying non-profit, including Skylight Theatre Company. Contributions made to donor-advised funds or private foundations DO NOT qualify for the one-time deduction.
Cash contributions made in 2020 are now fully deductible up to 100 percent of an individual’s adjusted gross income (AGI). Previously, individuals could take a charitable deduction of up to 60 percent of their adjusted gross income.
Corporations may now deduct for charitable giving up to 25 percent of their taxable income (up from 10 percent previously).
Not intended as legal or financial advice. Always consult your advisor regarding your personal situation.
