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garfield

New! Charitable Donation Incentive by the IRS

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THIS IS HUGE!!!

Even "non-itemizers" can now get a charitable deduction of up to $300 for gifts to non-profits.

Initial analysis of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (S. 748) reveals:

"Charitable Giving Incentive: Includes a new above-the-line deduction (universal or non-itemizer deduction that applies to all taxpayers) for total charitable contributions of up to $300. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year. Section 2204. The bill also lifts the existing cap on annual contributions for those who itemize, raising it from 60 percent of adjusted gross income to 100 percent. For corporations, the bill raises the annual limit from 10 percent to 25 percent. Food donations from corporations would be available to 25 percent, up from the current 15 percent cap. Section 2205."

(emphasis mine)

PLEASE!  NOW is the time to come to the aid of the drum corps activity!  Make a charitable contribution now of whatever you can afford!

Please see your tax advisor!  An "above the line" deduction means that your contribution is a dollar-for-dollar REDUCTION in your taxable income for 2020!  For a donor in the 10% income tax bracket, the effect is that you receive a $30 credit (10% of $300) on your 2020 Federal income tax, making the actual cost to the donor only $270 while your favorite corps gets $300!.  For a taxpayer in the 30% tax bracket the cost of a $300 gift is only $210!  The IRS is "chipping in" the difference to encourage your gift!  Please see your tax advisor and then make a $300 (or more!) gift today to your favorite drum corps!

(NOTE:  As of this writing, the US House of Representatives is scheduled to vote on the CARES act as part of the Senate's overall stimulus package.  #PassTheDamnBill!)

And, larger donors also get an incentive in that they can now write off up to 100% of their income through charitable deductions to non-profit orgs.  Come on, Big Donors!  Step up and #WriteTheCheck!

 

 

Edited by garfield
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1 hour ago, garfield said:

THIS IS HUGE!!!

Even "non-itemizers" can now get a charitable deduction of up to $300 for gifts to non-profits.

Initial analysis of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (S. 748) reveals:

"Charitable Giving Incentive: Includes a new above-the-line deduction (universal or non-itemizer deduction that applies to all taxpayers) for total charitable contributions of up to $300. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year. Section 2204. The bill also lifts the existing cap on annual contributions for those who itemize, raising it from 60 percent of adjusted gross income to 100 percent. For corporations, the bill raises the annual limit from 10 percent to 25 percent. Food donations from corporations would be available to 25 percent, up from the current 15 percent cap. Section 2205."

(emphasis mine)

PLEASE!  NOW is the time to come to the aid of the drum corps activity!  Make a charitable contribution now of whatever you can afford!

Please see your tax advisor!  An "above the line" deduction means that your contribution is a dollar-for-dollar REDUCTION in your taxable income for 2020!  For a donor in the 10% income tax bracket, the effect is that you receive a $30 credit (10% of $300) on your 2020 Federal income tax, making the actual cost to the donor only $270 while your favorite corps gets $300!.  For a taxpayer in the 30% tax bracket the cost of a $300 gift is only $210!  The IRS is "chipping in" the difference to encourage your gift!  Please see your tax advisor and then make a $300 (or more!) gift today to your favorite drum corps!

(NOTE:  As of this writing, the US House of Representatives is scheduled to vote on the CARES act as part of the Senate's overall stimulus package.  #PassTheDamnBill!)

And, larger donors also get an incentive in that they can now write off up to 100% of their income through charitable deductions to non-profit orgs.  Come on, Big Donors!  Step up and #WriteTheCheck!

 

 

I'm in!

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Absolutely wonderful response by the government. I will certainly take advantage and encourage others to do the same in support of every type drum corps.

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Now I wish DCI had delayed cancellation of the 2020 season until next week, so that every related announcement could have contained this news once it is signed into law.

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