“Thank you for making such a difference in this time of need for our community,” shared Katherine, a long-time donor to our food bank. Although she’s supported us for years, her 2020 financial contributions are now benefiting from an increased tax deduction*.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is allowing non-itemizers a $300 “above-the-line” tax deduction for cash contributions to our organization. For those of you who itemize, the Adjusted Gross Income (AGI) limit for deductions has increased to 100% (up from the normal 60%). For our corporate partners, charitable contributions for 2020 are deductible up to 25% of modified taxable income (up from the normal 10%).
There’s never been a better or more critical time to support our hunger-relief efforts. Not only will you feed our most vulnerable Northland neighbors, you’ll benefit as well.
*Our information is for illustrative purposes. We recommend that you consult your accountant or tax preparer for professional advice and information.