Through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed by Congress in March, every taxpayer can now receive a charitable tax deduction for contributions made in 2020 of up to $300. Learn more
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Through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed by Congress in March, every taxpayer can now receive a charitable tax deduction for contributions made in 2020 of up to $300 even if they do not itemize their tax returns under current law. For those who itemize, the legislation has modified the existing cap on annual contributions from 60% of adjusted gross income (AGI) to 100% of AGI for contributions made in 2020. Please consult your accountant or financial advisor with any questions. Please take advantage of this opportunity by giving to the AOPA Foundation today!