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Since the onset of the COVID-19 pandemic, you've struggled with the disconnection from most social settings taken for granted, the awkward physical distancing measures, and the relentless disruption in school and work routines.

All of us are fighting the social and financial ramifications together. As tragic and unpredictable this pandemic is, there is a light at the end of the tunnel.

 

If you act before December 31, 2020, you may take advantage of a few key incentives of the new  Coronavirus Aid Relief and Economic Security Act (CARES Act) that are mutually beneficial.

The CARES Act contains three temporary yet, significant changes to the tax treatment of charitable gifts focused squarely on helping nonprofit organizations like us this year. These changes may also offer new ways you can receive financial benefits while helping Occoquan Swimming, Inc. continue its mission of empowering young people and their communities as you weather this unprecedented economic downturn. It's a perfect opportunity for all of us to support one another.

Here's some information on these new tax rules for deducting charitable contributions — and how they've temporarily changed for 2020.

1. Taxpayers may take a charitable deduction of up to $300 without itemizing. 

The CARES Act established a universal provision that allows taxpayers to deduct non-itemized, above-the-line charitable cash donations (up to $300 for individual and $600 for married-filing-jointly) on their 2020 federal tax return.

2. The Act allows for cash contributions to qualified charities to be deducted up to 100% of adjusted gross income.

For those of you who plan to itemize your deductions, the incentive to donate is even greater. The CARES Act temporarily removed the 60% cap of adjusted gross income on charitable donations, so you can make cash donations up to 100% of your adjusted gross income and write off the amount as a deduction.

3. There is a lift on limits for charitable contributions made by corporations and other qualified trades or businesses.

For businesses in the community looking to extend their charitable giving with a gift matching program, now is a great time to give. The CARES Act temporarily increased annual philanthropic deductions from 10% to 25% of taxable income for C-Corp entities and net income for all other businesses and trades.

Our supporters make us Forever Strong!

We are so grateful for everyone's generosity so far. Your contributions to Occoquan Swimming, Inc. help our young athletes, who will one day serve as the next generation of leaders.

With COVID -19 hurting so many financially, every donation we receive makes a difference and supports our efforts to continue making our swim organization a rewarding experience while reducing our families' financial burdens during these trying times. Now is a great time to give and take advantage of the CARES Act's special tax incentives before December 31, 2020.

How To Support:  

  • Donate through your employer if they offer a workplace giving program and potentially double your donation to us.
  • Spread the word! Donate towards our 2020 Swim-A-Thon. Non-member donors may be eligible for deducting charitable contributions.
  • You can make your donation electronically or send a check to:

Occoquan Swimming Inc.
10371 Central Park Dr., Suite A
Manassas, VA 20110

Occoquan Swimming Inc. EIN: 54-1463343

  For more information, please contact Hannah Dean at 703-309-4571 or [email protected]

Occoquan Swimming Inc. does not provide tax, legal, or accounting advice. This content is intended for informational purposes only and not intended to provide and should not be relied on for tax, legal, or accounting advice. Please consult your tax, legal, and accounting advisors if you have any questions about the information presented here.