Are you seeking out maximum tax deductions for 2020?
The charitable contribution limit for 2020 has changed: We spoke with one of our experienced finance professionals for insight on this year’s Coronavirus Aid, Relief, and Economic Security (CARES) Act to help break down how the act’s removal of the cap on charitable cash contributions could help you.
Understanding the CARES Act and its impact on your taxes
In March 2020, a tax benefit was introduced via the coronavirus stimulus bill, labeled as the CARES Act. It’s primarily known for providing stimulus payments, but did you know it also included potential relief for your taxes, too?
Intended to help 501(c)(3) qualified organizations affected by decreased contributions, the CARES act removes the income-related cap on charitable contributions.
Read the full article HERE.
Are you looking for end-of-year non-profit contributions that may help you to make the most of your 2020 tax deduction itemizations?
If so, please consider a donation to the Maryland Resource Parent Association. Your donations assist us with providing resources and webinars throughout the year, and provide support for the organization to represent the needs of resource parents just like you to our state’s lawmakers and decision makers.