2020 Charitable Deduction Returns with CARES Act

charitable donation cares act

By Kathryn Karr, CFRE, Legacy Giving Manager and Jennifer Baumann, CFRE, VP, Development & Capital Campaign

As people around the world express their concern for one another during this time of isolation, it is important that we stay connected more than ever. The past few weeks have demonstrated just how much compassion there is in our community. As supporters and friends of the Oregon Humane Society, you have surrounded us with much-needed kindness, and we can’t thank you enough.

We know that there are many needs in our community and around the world and that you have tough choices to make. Now more than ever we need your support. Your gift will go directly to providing the food, care and love that every animal deserves.

If you are in a position to provide financial assistance right now, we want to let you know about a few tax deduction changes Congress recently made through the CARES Act for charitable donations.

  • If you do not itemize your deductions in 2020, you can still reduce your taxable income by up to $300 for contributions of cash to public charities, including the Oregon Humane Society, using an “above the line” adjustment to reduce your taxable income.
  • For those who itemize their taxes, you can now deduct up to 100% of your adjusted gross income (AGI) for charitable donations made in 2020. Generally, deductions for charitable donations are limited to 60% of your AGI.
  • If you donate through your business, your corporation can deduct up to 25% of its taxable income for charitable donations made during 2020. This is an increase from the usual corporate donation limit of 10% of taxable income for the year.

For more information, please contact your tax professional. For information on giving to the Oregon Humane Society, please contact Jennifer Baumann or Kathryn Karr. Or make a donation online today.