New Charitable Giving IncentivesIn This Section
Building on years of advocacy by orchestras in partnership with the broader nonprofit sector, a new universal charitable deduction is available, allowing the growing number of taxpayers who do not itemize their returns to receive a tax deduction for charitable donations. For the calendar year 2020, the deduction is available for up to $300 in cash charitable donations to 501(c)(3) nonprofit organizations for “each filing unit,” which means the dollar limitation applies per tax return, regardless whether filed individually, or jointly by a couple. The new universal charitable deduction for non-itemizers that was created under the CARES Act has been extended to apply throughout the 2021 tax year, and expanded so that single filers may deduct up to $300, and joint filers will be eligible for a $600 deduction for cash contributions.
In both 2020 and 2021, for taxpayers that itemize returns
, the limit on the total percentage of Adjusted Gross Income (AGI) eligible for the charitable deduction has been lifted, and the limit on corporate contributions has been raised to 25%.
In This Section
- Federal Assistance
- Shuttered Venue Operators Grant (aka Save Our Stages)
- Paycheck Protection Program and Loan Forgiveness
- Employee Retention Credits
- Families First Paid Leave Provisions
- Pandemic Unemployment Benefits, Including Self-Employed individuals
- SBA Economic Injury Disaster Relief and Loan Advance
- Relief for Nonprofits Self-Insuring Unemployment Benefits
- International Artist Visas
- National Endowment for the Arts Funding