We are so grateful, that even during difficult times, generosity is still a core value at NRC. As we prepare for 2020 to end we want to encourage generosity and also let you know of a few special tax provisions that may help you and/or your business make an exponential impact.
Under the 2020 CARES Act, there is a temporary suspension of limits, as well as an above-the-line deduction, for charitable contributions made in 2020. Here are some of the provisions:
- Individuals itemizing their deductions can deduct up to 100 percent of their adjusted gross income in qualified charitable contributions.
- Corporations may deduct up to 25 percent of their taxable income in qualified contributions.
- Qualified contributions exceeding the adjusted gross income limits may even be carried over to next year.
To qualify for these provisions, contributions must be made in 2020, to qualifying organizations (like NRC), as cash contributions. Please be sure to review the details of these provisions in sections 2104 & 2105 of the CARES Act, at irs.gov, and consult with your tax professional.
Thank you for being the church,
Pastor Preston & the NRC leadership