Tax Benefits of the Cares Act
The recently passed CARES Act (Coronavirus Aid, Relief, and Economic Security Act) encourages donors to support nonprofits like Trinity-Pawling. It includes two legislative provisions designed to incentivize charitable giving. The first allows for the deduction of up to $300 in giving this year, whether the taxpayer itemizes their taxes or not. For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as Trinity-Pawling School to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
This information is not intended as legal or tax advice. It is important that you visit with your accountant or advisor to see how the new legislation impacts you.