STAR, Inc., Lighting the Way... Since 1952

The Coronavirus Aid, Relief, and Economic Security (CARES) Act

 

WHAT DOES THIS MEAN FOR YOUR CHARITABLE GIVING?

 

INDIVIDUAL DONORS:
-    All taxpayers (both those who itemize and those who use standard deduction) can deduct $300 in charitable giving to public nonprofits in 2020
-   Prior to the CARES Act, those who used standard deduction could not deduct any charitable giving
- For those who itemize their taxes (which accounts for nearly all taxpayers with an income of $200,000+) the CARES Act significantly raises the amount of charitable giving deductible from 60% of filers’ adjusted gross income (AGI) to 100% of AGI
- Gifts to donor-advised funds and private foundations do not receive the revised deductible under this provision

 

CORPORATE DONORS:
- The CARES Act raises the amount of charitable giving that corporations can deduct from 10% of taxable income to 25% of taxable income
- The bill also raises the amount of in-kind donations of food that corporations can deduct from 15% of taxable income to 25% of taxable income

 

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Give today to support people who have been impacted by intellectual and developmental disabilities and their families. Your gift makes a difference in the lives of many and empowers STAR to sustain and enhance their far-reaching programs and support services.

"Twenty years ago, our family began the most amazing journey when we found out we were expecting our first child, who had Down's syndrome. STAR has seen that child, Joey, through so many milestones: his first steps, first words, first classrom and his first sibling. As our journey continues we look forward to many more joys and accomplishments with STAR by our side."                       -Laurie Agostino

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