Tax Benefits of the CARES Act

The CARES (Coronavirus Aid, Relief, and Economic Security) Act is designed to help you, businesses and nonprofits facing economic hardship during the coronavirus pandemic. Some key provisions are set to expire at year’s end.

CARES Act Charitable Contribution Extended for 2021

This year, giving to charity pays off. The charitable giving incentives provided in 2020 by the CARES Act has been extended through 2021.

For individuals who take the standard deduction:

Individuals who take the standard deduction can claim an above-the-line tax deduction up to $300 for cash donations to qualified charitable organizations ($600 for joint filers).

For individuals who itemize:

The CARES Act lifted the cap on annual contributions for those who itemize, increasing it from 60% to 100% of adjusted gross income (AGI). Any excess contributions available can be carried over to the next five years, but the enhanced deduction expires after 2021.

It’s important to note that these charitable giving incentives only apply to cash donations made to public charities like the National Repertory Orchestra. Non-cash gifts (stock, real estate, or personal property) and gifts to donor-advised funds or private foundations will not benefit from these Coronavirus Relief Act provisions.

As with all tax matters, donors should review their personal situation with their advisers.

Your Charitable Goals:

We are deeply grateful for your continued kindness and support during this difficult time. Please contact the Director of Development, Åsa Armstrong, or (970) 453-5825 x3 to discuss how your gift can help further our mission before 2021 ends.

Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.