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Thank you for ensuring access to legal justice and quality long-term care!
The Charitable Giving Incentive of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748) allows everyone to claim charitable contributions as a deduction. Even those who don’t itemize and take the standard deduction can now benefit! Charitable contributions of less than $300 made this year can be claimed on your 2020 taxes due on April 15, 2021. The bill also benefits those who do itemize, as it raises the existing cap on how much you can deduct. Now, people who itemize can claim 100% of their adjusted gross income, rather than 60%. Corporations, too, can now deduct more of their contributions. The CARES Act also raises the limit on corporate donations from 10% to 25%, and the cap on food donations is now 25%, rather than 15%. Detailed information can be found in sections 2204 and 2205 of the bill.
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Thank you again for your gift to Pro Seniors!
