Buried in Section 2204 of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the $2 trillion stimulus package, is an incentive for people to donate to charities.
The CARES Act allows taxpayers to deduct up to $300 in donations from their taxable income, even if they do not itemize their taxes. The rule applies only to charitable contributions made in 2020. Taxpayers will be able to claim the deduction on tax forms next year.
Now is a great time to support local nonprofit organizations. Some have gone quiet during this time of self-isolating, while others in the health and human services fields are working beyond their normal capacities.
Donations made today will help charities meet critical community needs, support staff members, and speed their recovery when they reopen.
Every gift makes a difference. Please consider donating to the local organizations that matter to you and help your neighbors.
Hilery Livengood, CFRE