The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law on March 27, 2020. This landmark legislation includes provisions and tax incentives related to or affecting charitable giving.
One tax incentive included that Buffalo Toronto Public Media would like you to consider is:
- The above-the-line deduction of up to $300 for non-itemizers (people who take the standard deduction on their income tax returns) who make cash gifts to qualified charities. This is an opportunity for you to make an additional cash gift to Buffalo Toronto Public Media and receive a deduction. If only 8% of our members make an extra $300 donation, it will provide an additional 1 million dollars to our operations budget.
Contact your advisors for more information about the “CARES Act”. Also ask about the The SECURE Act, or “Setting Every Community Up for Retirement Enhancement” Act that was signed into law on December 20, 2019 and includes incentives related to your IRA or other qualified retirement accounts.