There are now NEW tax benefits for financial donations to nonprofits like The Foundry. The CARES Act relief initiative now allows taxpayers to deduct up to $300 per individual taxpayer ($600 for a married couple) of their cash donations to qualifying organizations like The Foundry without even itemizing your deductions. That is to say, you can deduct $300/$600 even if you do not itemize your deductions.
Also part of the bill increases deductible limits for individuals and corporations, as follows:
- Individuals who itemize deduction can elect to deduct cash contributions, up to 100% of their 2020 adjusted gross income. This is up from the previous limit of 60%.
- Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%.
It’s an incentive to give in 2020 and have less taxes owed when you file in 2021, so people are encouraged to help now, when it’s needed most.
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