Charitable Giving Incentives in the CARES Act
The CARES Act—the Coronavirus Aid, Relief, and Economic Security Act—is a $2.2 trillion stimulus plan that contains several charitable giving incentives. Donors interested in supporting The Sight Center of Northwest Ohio during this unprecedented year should consider the following new incentives:
- Taxpayers who do not itemize can take a one-time deduction of up to $300 for gifts made to charitable organizations. The deduction is ONLY for gifts of cash made in calendar year 2020 and does not cover other types of gifts or contributions made to donor-advised funds or private foundations.
- Taxpayers who itemize can fully deduct charitable cash contributions in calendar year 2020 as the 60% adjusted gross income limitation has been suspended.
- Corporations can deduct up to 25% for charitable gifts in calendar year 2020, up from the original 10%cap for such gifts.
Please consider a gift to support The Sight Center during the COVID-19 pandemic.
You can also print and mail this donation form.
Questions? Contact Tim Tegge at 419-494-1637 or firstname.lastname@example.org.