CARES ACT 2020
The March 27th CARES Act changed IRS Tax Code to promote charitable giving to nonprofits in the current calendar year, 2020. We all recognize the important role that education has played during this difficult time and you can receive these tax benefits with your thoughtful gift to AIM.
If you take the Standard Deduction when filing, you can claim an "up to $300 deduction"
That's right, this option is back. With a cash donation up to $300 to AIM in 2020, you can receive this deduction when you file your 2020 taxes.
If you itemize using a Schedule A, you can now claim 100% of AGI
The 60% limit has been waived and you can now claim 100% of your adjusted gross income when you file your 2020 taxes. (Note: Any deductions over 100% of your AGI that you carry over will be deducted at the normal 60%.)
Corporate & Business giving benefits too!
For corporations, The CARES Act raises the annual deduction limit for eligible charitable contributions from 10% to 25% of their taxable income. Your corporate gift to AIM can now more than double your deduction on your 2020 federal taxes.
Interested in learning more? Forbes' Senior Contributor, Morgan Simon explains all of these benefits in detail her article Now Is A Great Time To Give: New Charitable Rules Incentivize Generosity During COVID-19.