On December 27, 2020, congress signed another stimulus package into law in response to the the COVID-19 pandemic. The new package extended many of the charitable tax incentives enacted by the original Coronoavirus Aid, Relief and Economic Security (CARES) Act signed into law in March 2020.
Here are two key provisions that may affect you and your charitable goals:
For those who itemized deductions
For those who donate cash directly to charities, the limitation on how much they can donate has been raised to 100% of an individual’s adjusted gross income (AGI) for both 2020 and 2021. Any giving beyond this can be carried over and used in the next five years.
For those who do not itemize deductions
The CARES Act allowed for an "above the line" deduction for charitable gifts of cash up to $300, and the new stimulus package increases the amount to $600 for couples filing jointly. This means you do not need to have any other itemized deductions in order to claim the $300 or $600 as a deduction.
While Oregon Zoo Foundation cannot provide tax advice, we do want to support our donors, especially during this time when COVID-19 has impacted so many areas of life, including finances. For more information on charitable giving and tax implications, please consult with your tax advisor.
Please contact Susan Daigle at Susan.Daigle@oregonzoo.org or call 503-914-6029 to discuss how your gift can help further our mission. Please note that this information is not intended as legal or tax advice. You should consult an attorney or tax advisor regarding your personal financial situation.