As a supporter of Vanessa Behan, and our mission of preventing Child Abuse and Neglect in our community, it’s important to make you aware of some benefits that the Cornoavirus Aid, Relief and Economic Security (CARES) Act has created for those who contribute financially.
- Itemized Deductions: The adjusted gross income (AGI) limit for contributions has been increased for individuals. You can now deduct up to 100 percent of your AGI (increased from 60 percent), for contributions made in 2020.
- Standard Deduction: The CARES Act allows for an additional deduction for charitable gifts up to $300. If you are not itemizing your 2020 taxes, you can claim this deduction.
- Business Contributions: The AGI limit for cash contributions was also increased. Businesses can deduct up to 25 percent of taxable income (increased from 10 percent).
These are just a few ways that giving to Vanessa Behan in 2020 could make greater financial sense. Please feel free to give us a call at 509.340.0482 and speak with our team to learn more about how the impact of any gift, especially a planned gift, can have on our mission’s long-term sustainability. We encourage you to speak with a financial advisor or attorney regarding details, questions and qualifications.
The tax information provided is general and educational in nature and should not be construed as legal or tax advice. Vanessa Behan does not provide legal or tax advice. Content provided relates to taxation at the federal level only. Always consult an attorney or tax professional regarding your specific legal or tax situation.