The Coronavirus Aid, Relief, and Economic Securities Act, (or “CARES”), was signed into law March 27, 2020 by the President after a turbulent month proceeding the rapid expansion of Coronavirus (COVID-19) globally. The CARES Act offers two trillion in stimulus for the primary use of healthcare, business support, and individual support. This support for families and businesses includes benefits for donors involving charitable contributions. These benefits are summarized as follows:
$300 Charitable Deduction Allowance – Non-Itemize
If an individual takes the standard deduction on their 2020 Federal tax return versus itemizing or listing the individual expenses, the individual can claim up to a $300 deduction for charitable contributions. This means that an individual can list up to $300 in donations to charitable organizations to arrive at adjusted income. All else equal, this decreases taxable income by the charitable donation amount, up to $300.
100% Allowance – Itemize
If an individual elects to itemize deductions on their 2020 Federal tax return, rather than electing the standard deduction, the individual can claim charitable donations up to their total adjusted gross income. All else equal, this decreases taxable income by the charitable donation amount, up to 100% of the individual’s total adjusted gross income. If the amount of charitable donations exceeds the 100% allowance, it can be carried forward for up to five years.
25% Corporation Contribution Allowance
Charitable contributions from corporations can be deducted for up to 25% of a corporation’s taxable income. This is an increase from the 10% that was previously allowed. If the amount donated exceeds the allowance, it can be carried forward for up to five years.
25% Food Contribution Allowance
Limits have been increased on the contribution of food inventory for corporations, from 15% to 25% of taxpayers’ net income. If the amount donated exceeds the allowance, it can be carried forward for up to five years.
If you have the ability to give back to your community in 2020, now is the time to do so. Many are struggling throughout society, and are or will be in need of help. Consult with your tax advisor, for help in seeking advice on maximizing savings through charitable contributions.
Last week we had a call from Rein in Sarcoma community supporter, Katherine. She had the brilliant idea to keep us all connected by planting sunflowers at our homes and apartments this spring. She was inspired by the Victory Gardens of WW II, and Sunflower Garden of Hope activity area at Rein in Sarcoma’s Party in the Park.
By growing sunflowers together, we keep our community connected, supported, and inspired. We will send you the seeds. We can all share our progress online. Take pictures of you / family members tending to your plants – photograph the progress, growth, blooms, and share them using #SarcomaSunflowers. You can also send your photographs to us at firstname.lastname@example.org and we’ll post them on the Rein in Sarcoma Facebook Page and in a Flickr photo album. This way, we can tend our community garden and stay Stronger Together, keeping all of us turning to the sun and each other for continued hope and strength.
We have five pounds of a sunflower seed mix containing ten different varieties, all needing full sun. We will mail you a scoop of seeds to get your garden started – just send us a request through this simple form.
Ask friends and family to participate with you and the entire Rein in Sarcoma Community. We will be together through planting, growing, nurturing seeds, and sharing progress!
Rein in Sarcoma Named Funds are established by individuals and families to honor the lives of sarcoma patients, survivors and loved ones who have passed away.
Named Funds help advance the mission of Rein in Sarcoma and provide hope and inspiration to countless patients and their families.
Hear why Miranda Mead and her family have a Named Fund…