There is a new federal law that is helping non-profits and their donors during the COVID-19 pandemic. Donors who donates up to $300 to KUAC Friends Group will receive a full 2020 tax deduction for that amount.
The stimulus bill allows a one-time, above-the-line deduction for cash contributions of up to $300 made to qualifying charities. Taxpayers would be eligible to take the deduction, even people who use the standard deduction. The deduction applies to a “tax-filing unit.” Thus, for example, married taxpayers who file a joint return and do not elect to itemize deductions are allowed to deduct up to a total of $300 in qualified charitable contributions on the joint return. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year. The new deduction would not apply to non-cash gifts or to gifts contributed to donor advised funds. Click here and donate today.