There are benefits to showing how much you care.
Under the CARES (Coronavirus Aid Relief and Economic Security) Act, individuals making charitable contributions to MMoCA may be eligible for several tax benefits.
The federal government’s coronavirus relief package includes the following incentives to inspire charitable giving in 2020:
- A one-time deduction of up to $300 for gifts made to nonprofit organizations by taxpayers who do not itemize their deductions.
- Waived required minimum distributions from retirement plans in 2020.
- Modified caps on the amount corporations may deduct for charitable gifts from 10 percent of taxable income to 25 percent.
- Suspension of the maximum 60 percent adjusted gross income limitation for individuals’ charitable contributions for the year.
For more information, please contact your financial advisor or tax professional.