Charitable Cash Donations are now 100% Tax-Deductible
Your 2020 cash donations to charitable organizations, like the Ari J. Arteaga Foundation, Inc., are now 100% tax-deductible as a result of the CARES Act.
The authors of the CARES Act rightly recognized the desire of individuals, foundations, and businesses to support non-profit organizations in this age of economic hardship. As a result, donors can enjoy new added tax benefits for aligning their dollars with their values right now.
Donors who make large contributions can also deduct the value of charitable contributions up to 100% of gross income in 2020 and aren’t subject to customary limits capping the amount of the deduction at 60% of AGI.
In addition, taxpayers can now take a deduction in the 2020 tax year for up to $300 in charitable donations even if they don’t itemize.
You can also donate more than 100% of your AGI, but it won’t all be counted in 2020.
For corporations looking to extend their charitable giving, the CARES Act raises the annual cash gift limit from 10% to 25% of corporate taxable income.
The Ari J. Arteaga Foundation, Inc. relies 100% on donations to provide scholarships for students, who demonstrate financial need after exhausting all other funding resources, so that they may attend private high schools with an emphasis on a Christian education; provide financial support beyond high-school and into higher education; and provide financial assistance to these students (and their families) should they experience an unforeseen event or hardship.
The Foundation hopes that you will take advantage of this tax benefit by making a charitable contribution now through – December 31, 2020. As always, we greatly appreciate your continued support of our mission and the continuation of Ari’s BE THE LIGHT legacy!
We encourage you to speak with your tax advisor before making large donations.