During a time when most nonprofit organizations are struggling financially, the Center for Service and Learning would like to alert the WVU Community that The Coronavirus Aid, Relief and Economic Security Act provides a Temporary Universal Charitable Deduction of up to $300 ($600 for couples) as an incentive to give to qualified charities. This is an above-the-line deduction, meaning taxpayers who do not itemize can claim it. The rule is intended to apply only to charitable contributions made in 2020. For taxpayers who do itemize deductions, the CARES Act allows for cash contributions to be deducted up to 100% of adjusted gross income. Taxpayers will be able to claim the deduction on their 2020 returns.
Read more about the tax benefits of charitable giving, federal benefits to nonprofits under the CARES Act and watch a webinar on the CARES Act and its effect on non-profits.