CARES Act offers significant tax incentives
December 14, 2020
The COVID-19 pandemic has had a staggering impact on Washington teams and programs. Your Huskies need your support now more than ever. When you donate to The Huskies All In Fund, you have a unique opportunity to help protect everything we’ve built on Montlake while earning great benefits for yourself.
New charitable giving benefits
Donate by December 31, 2020 to take advantage of new charitable giving benefits under the federal CARES Act. The Act allows you to receive an unlimited charitable deduction for up to 100 percent of your Adjusted Gross Income (AGI) for cash gifts made this year. Contributions in excess of your AGI carry forward for five years subject to the 60 percent of AGI limit. Even if you do not itemize, you can claim up to $300 for a cash gift ($600 for married couples filing jointly) as an “above the line” deduction in 2020.*
*Please consult your tax professional for more information about potential tax savings under the CARES Act.