CARES Act 2020
Caridad Center and nonprofits around the country have been significantly impacted by COVID-19. Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act economic stimulus package legislated to provide immediate relief for nonprofits, businesses, individuals and state and local governments on March 27, 2020 provides important help when it comes to donations and operational revenue for nonprofits.
Did you know there may be additional tax advantages for your charitable donation given to Caridad Center with the passing of the 2020 Cares Act?
Below are a few of the benefits that are included in the Cares Act bill:
- New above the line total deduction for total charitable contributions up to $300 (cash contributions made in 2020 can be claimed on tax forms next year).
- The existing cap on annual contributions for those who itemize are raised to 100% of adjusted gross income (up from the previous 60%).
- Corporations annual giving limits are increased from 10% to 25%.
For more information on the Cares Act please visit check with your tax professional.
Thank you for supporting Caridad Center in continuing our mission to provide comprehensive medical, vision, & dental care for the uninsured and underserved children & families of Palm Beach County.