The new CARES (Coronavirus Aid, Relief, and Economic Security) Act is designed to help you, businesses and nonprofits facing economic hardship during the coronavirus pandemic.
Here are a few key provisions of the CARES Act that may affect you and your charitable goals:
The CARES Act expands charitable giving incentives and allows taxpayers who take the standard deduction to make up to $300 of charitable contributions to qualified charities this year. You might think that this is a small amount and would not make a difference. But what if all of our donors gave “just” $300? Such support would have a huge impact on those we serve.
For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as Jacksonville Zoo and Gardens to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
The new law temporarily suspends the requirements for required minimum distributions (RMD) for the 2020 tax year. This probably comes as a relief to many of you who would have had to withdraw from your retirement accounts. Many of our donors use their RMD to make a gift from their IRA. Despite the RMD suspension, remember that if you are 70½ or older, you can still make a gift from your IRA or name Jacksonville Zoo and Gardens as a beneficiary.
We are deeply grateful for your continued kindness and support during this difficult time. Please contact Ausu Anaraki at email@example.com or (904) 757-4463 x 196 to discuss how your gift can make an impact at Jacksonville Zoo and Gardens.
The information listed above is for your reference, and not intended as legal or tax advice. We encourage you to consult with your attorney or tax advisor to see how the CARES provisions may impact you. Information contained herein was accurate at the time of posting. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.