In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act. Intended to address the economic fallout of the COVID-19 pandemic in the United States, this bill includes two provisions that increase the tax-deductibility of donations to charities.
1) Individual taxpayers are now allowed to deduct charitable donations of up to $300 on their 2020 federal tax return even if they take the standard deduction. Married taxpayers who file jointly may deduct up to $600.
2) For individuals who itemize their deductions, the deduction cap has been raised from 60% to 100% of adjusted gross income. The deduction cap for corporations has been raised from 10% to 25%.
We hope you will be inspired to take advantage of these temporary measures as you consider making a donation to Omega or any other 501(c)(3) organization during this difficult time.
Please contact Veronica Fitzgerald at veronicaf@eOmega.org or 845.266.4444, ext. 402 to discuss how your gift can help further Omega’s mission.