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A SPECIAL LIMITED OPPORTUNITY TO SAVE TAXES

All taxpayers should act now to take advantage of a limited time tax benefit thanks to the CARES Act[1]. Please consider donating cash before the end of 2020 to A Matter of 50 Meters, a project of the Mason Parks & Recreation Foundation, a qualified public non-profit 501(c)(3) organization with Tax ID #20-5962880. A Matter of 50 Meters is partnering with the City of Mason to fund the new Mason Municipal Aquatic Center. You may find more details and contribute to this important mission now via this link. (Donate Now – A Matter of 50 Meters).  Your support will have an immediate impact.

The CARES Act enacted special tax benefits for donors to qualified public non-profit organizations. One benefit is designed for taxpayers that DO NOT itemize deductions. A second benefit is designed for individual taxpayers that DO itemize deductions and for corporations.

CARES Act benefit for the vast majority of taxpayers that DO NOT itemize deductions

The Center for Tax Policy[2] estimates that less than 15% of taxpayers qualify to take an itemized deduction. The vast majority, over 85% of taxpayers, benefit from a standard deduction in lieu of itemizing deductions.  For 2020 only, courtesy of the CARES Act, these taxpayers that DO NOT itemize deductions are allowed to take the standard deduction AND up to $300 of cash donations to a qualified charity as an additional “above the line” deduction thereby saving taxes on their 2020 income tax return.  Every little bit helps, especially in these unprecedented times, so please consider taking advantage of this limited tax savings opportunity and donate cash of $300 or more before 12/31/2020.

CARES Act benefit for taxpayers that DO itemize deductions

For taxpayers that qualify for itemized deductions, there is even a bigger opportunity for maximizing your deductible charitable contributions.  The CARES Act uplifts the amount of maximum deduction for cash charitable contributions to as much as 100% of adjusted gross income for 2020.  In 2021, the maximum deduction reverts back to 60% of adjusted gross income. 

CARES Act benefit for corporations

For corporations, the CARES Actincreases the limit on the deduction for cash charitable donations from the usual 10% of income to 25% of taxable income for 2020 for contributions to qualified public charities, including the Mason Parks & Recreation Foundation.

Call to action

The current environment is very challenging for everyone, including non-profit organizations, yet the mission and benefits to our community are vital.  Please consider donating cash now to A Matter of 50 Meters and take advantage of the CARES Act donation benefits on your 2020 income tax return. Note: you may consider non-cash donations of appreciated property subject to other limitations (but such non-cash gifts do not qualify for CARES Act benefits). Please consult your friendly tax advisor to ensure you qualify for these important tax benefits.


[1] H.R. 748, the ‘Coronavirus Aid, Relief, and Economic Security Act’ (a.k.a. the CARES Act)