As you may have learned this past month the CARES Act was signed into law on March 27, 2020, and adds a new tax deduction available in 2020 and future years. It allows for a $300 deduction for taxpayers who do not itemize their deductions. Charitable gifts can be made to eligible organizations such as La Salle University. This new provision affects the vast majority of taxpayers who do not itemize deductions. It is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income (AGI), and thus reduce their taxable income.
This deduction is in addition to and does not take away from the standard deduction. Taxpayers who itemize cannot take advantage of this new deduction, as their charitable contributions are reported elsewhere on the tax form.
HIGHER CHARITABLE DEDUCTION LIMITS
A second change lifts the cap on how much donors can deduct in charitable gifts in a single year. Donors can deduct cash gifts made directly to public charities equal to 100 percent of their 2020 adjusted gross income. Noncash gifts, such as gifts of appreciated securities, and gifts to donor advised funds continue to be subject to AGI limitations.
IMPACT TO LA SALLE
While it is understood that COVID-19 has impacted us all, you may be in a financial position to give charitably to lessen its impacts to others. If you are inclined to do so, your gift to the La Salle Fund will support the next generation of Explorers with essential Scholarship aid over and above the 175 Endowed Scholarships available to our students. Most importantly, you will do your part in advancing the mission of La Salle and the Christian Brothers, 157 years strong.
While our Development Staff may be working from home, they remain available to answer questions and assist with your gift. Feel free to call 215-951-1539 or email firstname.lastname@example.org.