CARES Act encourages charitable giving:
As you likely know, there have been some changes to federal tax law as a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the federal stimulus bill to help states, families and businesses combat the coronavirus pandemic.
The CARES Act makes two noteworthy changes to federal charitable giving rules for the 2020 tax year and beyond, including:
- Individuals who do not itemize their deductions and give up to $300 to charity can add $300 to the standard deduction. This change is an above-the-line deduction that decreases a filer’s adjusted gross income, reducing taxable income and enabling them to qualify for other tax breaks. This applies only to individuals who give cash gifts to a qualified charity, not donor advised funds (DAF).
- Individuals who itemize their deductions can now deduct 100% of their charitable giving from their adjusted gross income. Under previous law, this amount was capped at 60%. The limit for businesses has also been increased from 10% of taxable income to 25%. Similarly, this change applies only to cash gifts to public charities, not private foundations or DAF.
We hope you will continue to support our mission and other nonprofits that make our state such a special place to call home. Thank you for your past, current and future support.
We accept donations via credit card using the secure form below.
You can also use the postal service to mail us a check to the following address:
Marginal Way Preservation Fund
P.O. Box 1455
Ogunquit, Maine 03907