(Knox County, Indiana) With Giving Tuesday coming up on December 1, the Knox County Community Foundation believes that 2020 is an especially good year to be generous due to some unique tax breaks offered through the CARES Act (Coronavirus Aid, Relief, and Economic Security).
The CARES Act was signed into law on March 27. The Act helps Americans deal with the economic impact and health crisis brought on by the outbreak of COVID-19. It also gives donors two income tax advantages to charitable giving during 2020. Both are designed to reduce income tax bills for those making charitable gifts this year.
- The legislation includes a universal (or non-itemized, above-the-line) deduction allowing all tax payers to deduct up to $300 for individuals/$600 for married couples in charitable contributions (cash donations, not in-kind contributions) made in 2020.
- For those who claim itemized deductions, the CARES Act raises the charitable deduction limitation from 60 percent of adjusted gross income to 100 percent; and for corporations, raises the annual limit from 10 percent to 25 percent.
“We welcome gifts to build funds held by the Knox County Community Foundation, “says Mary Smith, Regional Director of Development. “We have over 140 different funds in our Family of Funds collection and together those funds address a broad range of needs in Knox County. The collection includes our Friends of Knox County fund which is very popular with our donors because it provides funding every year for both small and large projects that address changing community needs.”
To see the list of funds and to make a gift, visit the Foundation’s website at https://www.communityfoundationalliance.org/knox/knox-family-of-funds/. For more information, contact the Foundation at 812.886.0093.