12/21/2020
$300.00. Think about it. Think about writing a check for your community. Think about donating online at www.ndcf.net/Casselton
Charitable Deductions in the CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress and signed into law by President Trump on March 27th, 2020. It was the third COVID-19 related bill enacted by Congress. There are several charitable giving benefits included in the Act.
A new charitable deduction is available in the CARES Act to individual taxpayers that do not itemize their deductions. This new benefit, also referred to as a universal deduction, allows for a charitable deduction of up to $300 per individual. This is an above-the-line deduction from the individual taxpayer’s income prior to the calculation of their adjusted gross income. This is the one charitable giving benefit that will extend beyond the 2020 tax year.
Individual taxpayers who DO itemize their deductions can now deduct 100% of their adjusted gross income. Prior to the CARES Act, the deduction for qualified charitable contributions made by itemizing individual donors was limited to 60% of their adjusted gross income.
Corporations can now deduct up to 25% of their taxable income for charitable contributions, up from 10% before the CARES Act.
Established in 1993 to support Casselton area community projects, the Casselton Community Endowment Fund provides a method of receiving funds/donations to benefit projects or nonprofit organizations in Casselton, North Dakota. The Foundation is affiliated with the North Dakota Community Foundation,....