how to make the most of your charitable giving this year
On March 27, 2020, The Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted. This legislation includes provisions to encourage individual and corporate charitable giving through added incentives to the taxpayer. In addition, it is intended to boost benefits to non-profits like Camp Blodgett who have struggled financially through this time.
Below are a few benefits and features of the CARES Act as it pertains to both individual and corporate giving: IF YOU TYPICALLY ITEMIZE DEDUCTIONS:
IF YOU TYPICALLY CLAIM THE STANDARD DEDUCTION:
IF YOU ARE A CORPORATION INTERESTED IN DONATING TO A CHARITABLE ORGANIZATION:
We strongly advise you to consult your financial advisor related to the details of your giving plan for 2020 to ensure you can both maximize your charitable giving impact and stay within the allowable parameters of the CARES Act legislation. If you have questions about how to direct your charitable giving to Camp Blodgett, please contact Executive Director Lucy Dyer Joswick. Information on this page is attributed to the writing of Richard Huckaby, CPA on May 6, 2020 in the article "A Nonprofit's Guide to Informing Donors: How CARES Act Impacts Personal and Corporate Giving" on the website https://warrenaverett.com. |
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