New Charitable Giving Incentives with the CARES Act
You only have until Dec. 31, 2020 to take advantage of The CARES Act’s charitable giving incentives.
Signed into law on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act includes provisions designed to encourage charitable contributions of cash. It allows a growing number of taxpayers who do not itemize their returns to receive a tax deduction of up to $300 for cash donations to 501(c)(3) nonprofit organizations during calendar year 2020. And taxpayers who do itemize returns may now deduct up to 100% of their 2020 Adjusted Gross Income (AGI).
Your gift to Pacific Symphony before Dec. 31, 2020 may provide you with additional tax advantages so be sure to consult your tax advisor.
Thank you for your consideration.