• Erik Aranda-Wikman

Two New Tax Benefits to Donors

Along with the giving out of massive amounts of cash which have been very beneficial to many there's a little known part of the stimulus package that might be of interest to those who did not receive direct benefits from the government, mainly the wealthy.

Universal Deduction for Donations Up to $300

For the over 9 out of 10 people who no longer itemize their charitable giving, the CARES Act will allow these individual taxpayers to deduct donations to charity of up to $300 on their 2020 federal tax return, even though they take the standard deduction.  Married-filing-jointly taxpayers will get an above-the-line deduction of up to $600.

Raising the Charitable Giving Deduction Cap

For those donors who are still able to itemize their deductions, and therefore directly write off gifts to charity, the current deduction cap is 60% of adjusted gross income*.  Corporations are able to deduct charitable donations up to 10% of taxable income.

Details are below. Remember stay healthy and safe in these bizarre times of quarantine.

With Gratitude,

Erik Aranda-Wikman

You can read the details here: https://www.501c3.org/the-cares-act-increases-donation-tax-deductibility/?utm_source=ActiveCampaign&utm_medium=email&utm_content=The+CARES+Act+Increases+Donation+Tax+Deductibility&utm_campaign=The+CARES+Act+Increases+Donation+Tax+Deductibility

https://www.501c3.org/the-cares-act-increases-donation-tax-deductibility/?utm_source=ActiveCampaign&utm_medium=email&utm_content=The+CARES+Act+Increases+Donation+Tax+Deductibility&utm_campaign=The+CARES+Act+Increases+Donation+Tax+Deductibilityhttps://www.501c3.org/the-cares-act-increases-donation-tax-deductibility/?utm_source=ActiveCampaign&utm_medium=email&utm_content=The+CARES+Act+Increases+Donation+Tax+Deductibility&utm_campaign=The+CARES+Act+Increases+Donation+Tax+Deductibilityhttps://www.501c3.org/the-cares-act-increases-donation-tax-deductibility/https://www.501c3.org/the-cares-act-increases-donation-tax-deductibility/?utm_source=ActiveCampaign&utm_medium=email&utm_content=The+CARES+Act+Increases+Donation+Tax+Deductibility&utm_campaign=The+CARES+Act+Increases+Donation+Tax+DeductibilityTwo New Tax Benefits to Donors

Deduction Ca


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