Make the most of your giving to Lincoln University using the CARES Act.
Here is what you need to know about the CARES Act, and how you and others may be able to use it to maximize charitable giving to Lincoln University when it means the most.
On March 27, Congress passed, and the President signed into law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help combat the far-reaching impacts of COVID-19. The bill may provide increased tax incentives for charitable giving for some donors, but these benefits apply only in the 2020 tax year, so you must act by December 31.
Although there are several potential benefits, we wanted to highlight the benefit below.
- Individuals and corporations that itemize their giving can deduct much greater amounts of their contributions for the remainder of 2020.
- In fact, individuals can elect to deduct donations up to 100 percent of their 2020 adjusted gross income, up from 60 percent. Corporations also saw an increase, from 10 percent to 25 percent of their taxable income in 2020.
- However, it is important to note that this new deduction only applies to donations to public charities. So, the old rules still apply to private foundations. The new deductions also do not apply to donor-advised funds.
Who should Lincoln University supporters contact if they have questions?
We advise our supporters to check with their tax advisor to learn more about how the CARES Act may specifically apply to their tax situation.
This information does not constitute legal or financial advice. Consult your financial advisor and/or obtain professional counsel of an attorney to assist you in making a gift in a way that will benefit the organizations you care most about.