In the spring of 2020, Congress passed legislation including the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), which provides for a number of economic relief measures aimed at helping individuals, businesses, and nonprofits across the country during the COVID-19 pandemic. Two aspects of the CARES Act may help both nonprofits like MPF and donors:
- Taxpayers may be able to make qualified charitable contributions on federal tax returns, even if not itemizing deductions.
- In addition, for those who do itemize, the limitation cap on Adjusted Gross Income (AGI) for claiming charitable deductions, which is usually 50%, has been lifted.
MPF does not offer legal, tax, or financial advice. Please consult your attorney, accountant, or financial advisor for assistance.
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Information provided by the Land Trust Alliance, of which MPF is a member. Carolina rose (Rosa carolina) with hoverfly (Toxomerus marginatus) at MPF’s La Petite Gemme Prairie photo by James Trager.