The Coronavirus Aid, Relief, and Economic Securities Act (CARES Act) was passed by Congress, in response to the COVID-19 crisis. Best known for the Paycheck Protection Program, the CARES Act also has two temporary changes that could impact you come tax time.
The new Universal Deduction is available for tax payers who do not itemize their deductions. Up to $300 of qualifying cash donations are deducted “off the top” of a tax payers income prior to calculating their Adjusted Gross Income (AGI).
Individuals that itemize deductions will be able to deduct 100% of qualified charitable cash donations up to their total Adjusted Gross Income in 2020.
Corporations are able to deduct qualified charitable cash donations up to 25% of their Taxable Income in 2020.
CPC appreciates each and every gift given in support of our life affirming ministry. Your support allows us to meet women, men and families with compassion, help, and the hope of the gospel at a difficult time in their lives.
