Universal IRS Tax Break for Charitable Donations
TAKE ADVANTAGE OF THIS ONE TIME TAX DEDUCTION
* One-time, above-the-line deduction for cash contributions of up to $300 made to 501(c)(3) nonprofits
* All taxpayers are eligible, even if you use the standard deduction
* Applies to contributions made in 2020 and that are claimed on tax forms next year
Thanks to the New Universal Tax Break for Charitable Donations included in the federal COVID-19 Stimulus Package, EVCT donors can receive an additional federal tax deduction on top of the standard deduction for 2020!
The new stimulus bill contains a one-time, above-the-line deduction for cash contributions of up to $300 made to 501(c)(3) nonprofits. All taxpayers are eligible to take the deduction, even people who use the standard deduction. The incentive applies to contributions made in 2020 and that are claimed on tax forms next year.
For those who itemize their deductions, the bill suspends for 2020 the normal limit on deductions for contributions, ordinarily 50 percent of adjusted gross income (AGI) or 60 percent for cash. For corporations, the limit on deductions for contributions, ordinarily 10 percent of AGI, is elevated to 25 percent for 2020.
East Valley Children's Theatre will provide you with a receipt that will serve as your documentation for an eligible donation. Call 480-756-3828 or firstname.lastname@example.org for more information.
Click HERE to make a donation and provide immediate relief for EVCT today!
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