We appreciate our supporters and want to do our best to be a strong partner for you in any way we can! During this changing time in our world, many new options are becoming available to promote stronger communities and a stronger country. We are so happy to share this exciting opportunity, made available through the CARES Act, with you.
On March 27, 2020, Congress passed new legislation known as the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) and it was signed into law by the President. The CARES Act is designed to rescue the economy from the effects of the coronavirus pandemic. We are so happy to share with you that within this Act are charitable giving provisions that we believe will benefit generous supporters and donors like you.
New Charitable Deduction for Non-Itemizers
Taxpayers who take the standard deduction rather than itemizing their deductions will be able to claim a charitable deduction of up to $300 for cash donations made in 2020. Since there isn’t an end tax year outlined in the bill, it is possible that this benefit could extend beyond 2020. Keep in mind that the deduction is only for gifts of cash and does not cover other types of gifts or contributions made to donor-advised funds or private foundations.
Higher Deduction Limits
Individuals in 2020 will be able to deduct cash gifts to the extent of their entire adjusted gross income, as opposed to the previous 60% limit. In addition, the deduction limit for corporations has been raised from 10% to 25% of taxable income.
Contact Your Advisors
The CARES Act is several hundred pages long and includes numerous provisions that could benefit you financially. If you have questions and want more information, consult your financial advisor about these provisions. You can find more information about the CARES Act and charitable contributions benefits here on pages 65-66.
The values of the Medal of Honor are needed now more than ever. We would like to personally invite you to join us in perpetuating the legacy of the Medal of Honor and honoring our nation’s heroes. Learn more about how you can make a direct impact to the work of the Medal of Honor Society by visiting our website at www.themedalofhonor.com or by joining our monthly newsletter. The Congressional Medal of Honor Foundation is a registered 501(c)(3) non-profit organization with the sole mission to support the work of the Society.