Important CARES Act Update!
Signed into law, the passage of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") includes provisions designed to encourage charitable contributions. These provisions allow taxpayers who do not itemize deductions on their federal income tax returns to receive a tax deduction of up to $300 for cash donations to any 501(c)(3) organization during the 2020 calendar year.
Alternatively, taxpayers who itemize their deductions may now deduct up to 100% of their 2020 Adjusted Gross Income (increased from 60%). Also, the limit of corporate donation has also been increased from 10% to 25% of taxable income.
Any donation to the Alcott Center is applicable for these changes and we encourage anyone with specific questions about these changes to contact their tax professional.