The newly-passed Coronavirus Aid, Relief, and Economic Security (CARES) Act creates several new incentives for donors to 501(c)(3) charitable organizations like the Fairfax Library Foundation.
Section 2204 of the CARES Act includes a new above-the-line deduction (universal or non-itemized deduction that applies to all taxpayers) for total charitable contributions of up to $300. The incentive applies to contributions made in 2020 and would be claimed on tax forms filed next year.
Section 2205 of the CARES Act lifts the existing cap on annual contributions for those who itemize, raising it from 60 percent of adjusted gross income to 100 percent. For corporations, the legislation raises the annual limit from 10 percent to 25 percent.
It’s always a good time to give, but now more so than ever. https://www.fairfaxlibraryfoundation.org/donate