In good news for both charities and donors, an article in the Nonprofit Quarterly notes that the recently passed stimulus bill “contains a one-time, above-the-line deduction for cash contributions of up to $300 made to qualifying charities.
Under the CARES Act, taxpayers can now take a deduction for up to $300 in charitable contributions if they don’t itemize on their 2020 tax form. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year.
If you do itemize, there is now no limit to the deductions you can take for charitable contributions (Section 2205).
This incentive may not make a huge difference in an individual donor’s finances, but collectively, these donations can help keep our community’s non-profits afloat. For those who are able to give financially, we thank you for contributions to Boxerwood and other valuable organizations around Rockbridge County.
Read this article from Forbes for more detailed information.
SPECIAL MESSAGE
Although we have had to cancel many of our in-person programs this spring and early summer, we are working hard behind the scenes to keep the Boxerwood gardens open and to develop new stewardship initiatives that will help our Rockbridge Community into the future.
We invite you to explore Spring at Boxerwood.
