This year, as our children face greater-than-usual impediments to learning, you can have a greater-than-ever impact on keeping learning alive!
The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed by the U.S. Congress in March, 2020 has increased charitable deduction thresholds in order to encourage individuals to increase their giving this year only.
In 2020 ONLY:
FOR INDIVIDUAL ITEMIZERS: With the special deduction provided for in the CARES Act, donors are able to follow their other charitable giving with an additional, special cash gift to public charities – like Book Harvest – for which they receive a deduction of up to 100% of their adjusted gross income (AGI). (This special increase is only for cash gifts as opposed to donor-advised funds or family foundations).
FOR INDIVIDUAL NON-ITEMIZERS: The CARES Act allows donors who take the standard deduction on their personal tax return to deduct up to $300 from their income for cash gifts made to public charities – like Book Harvest. (This $300 above-the-line deduction is allowed only for cash gifts as opposed to donor-advised funds or family foundations).
Please check with your financial advisor/accountant to see how/if these allowances in the CARES Act may benefit you.
Want to make a 2020 gift to keep learning alive? Click here – and thank you!