We want to let you know about a few key provisions of the new CARES (Coronavirus Aid, Relief, and Economic Security) Act. This new law is designed to help you, businesses and nonprofits facing economic hardship during the coronavirus pandemic.
- The new law allows all taxpayers to take a charitable deduction of up to $300, even if you do not itemize. You might think that this is a small amount and would not make a difference, but what if all donors gave “just” $300? Such support would have a huge impact on charitable nonprofit organizations like the Vitae Foundation.
- For 2020 only, the charitable deduction for businesses has been raised from 10% to 25% of taxable income.
- For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as Vitae to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
We are so grateful for your generosity, which touches—and changes—so many lives. As Vitae does not provide legal or tax advice, you should visit with your financial planner or tax advisor to facilitate a gift to the Vitae Foundation. To learn more about these and other gift-giving options available for donations to Vitae, contact Doug Callahan at 573-634-4316 or doug.callahan@vitaefoundation.org if you have questions or to discuss how your gift can help further our mission.