On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), which includes incentives for individuals and corporations to make charitable donations.
What donors need to know:
Under Section 2204 of the Act, taxpayers who take the standard deduction on their 2020 tax return can claim up to $300 for charitable contributions made this year as a deduction from their gross (taxable) income.
For individuals who itemize their deductions, Section 2205 of the CARES Act increases the limit on deductions for charitable contributions in 2020 from 60 percent to 100 percent.
For corporations, Section 2205 of the Act increases the limit on deductions for charitable contributions in 2020 from 10 percent to 25 percent.
For more information, please consult your tax advisor.
A Note from The Haitian Project
We understand that these are challenging times and that many people are confronted with significant hardships.
But this is precisely why we still have to ask and pray that those who can give, will. Our 360 students in Haiti rely on our support. Please give today if you can.