On March 27, 2020, the United States Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Act provides financial relief to employees, small businesses, churches and non-profit organizations. This relief also impacts our donors by providing substantial tax benefits for charitable giving. We have summarized the tax benefits of the CARES Act below and we hope that these incentives will encourage your continued support of Toccoa Falls College.
Above-the-Line Charitable Contribution Deduction
For the year 2020, individual taxpayers who do not itemize deductions may claim up to $300 of charitable contributions made as a deduction in arriving at adjusted gross income.
Charitable Contribution Deduction Limits Increased
Cash contributions made by individual taxpayers in 2020 to public charities are subject to a limit of 100% of adjusted gross income – not the 60% limit that regularly applies.
For more details about the CARES Act and its implications for charitable deductions please visit the summary page provided by the ECFA. CLICK HERE for the ECFA CARES Act Summary
Thank you for supporting Toccoa Falls College during COVID-19. If you have any questions about the tax incentives provided through the CARES Act please contact the Office of Advancement at 706-886-7299 ext. 5204 or email email@example.com.