Giving Tuesday - May 5, 2020
Scouting needs your help! An investment in Scouting through our Giving Tuesday campaign will ensure that our youth will continue to have the chance to grow and learn to make good choices throughout their live.
New Rules for Charitable Contribution Deductions Under the CARES Act – New $300/600 Universal Charitable Deduction
To help alleviate the economic devastation caused by the coronavirus (COVID-19) pandemic, Congress has enacted the Coronavirus Aid Relief and Economic Security Act (CARES Act). Among its many provision is a brand new universal deduction for charitable contributions.
- Taxpayers who don’t itemize may now deduct up to $300 per year ($600 for married couples) in charitable contributions. Such deductions must be: in cash (no property like old clothing), and given to a 501(c)(3) public charity (such as MDSC).
- No Annual Limit on 2020 Charitable Deduction by Itemizers
- Contributions by Corporations – The CARES Act increase these amounts to 25% of taxable income for 2020. Donations in excess of 25% may be deducted in the following five years.
Check with your tax consultant for details.